Sales Growth Tough to Capture at Kingfisher, but the Cost-Cutting Opportunity Remains Interesting
Narrow-moat Kingfisher’s second-quarter sales update revealed continuing weakness throughout most of its businesses, leaving the company with negative 1.3% sales growth on a constant currency basis for the first half of its 2018 fiscal year. However, favorable currency movements resulted in 4.5% top-line growth, pacing ahead of our roughly 3% forecast. While we await the company's more detailed earnings release next month, we don’t expect to significantly adjust our long-term outlook, which incl...Kingfisher supplies home improvement products and services through a network of retail stores and other channels, located mainly in the U.K. and continental Europe. As of Jan 31 2017, Co. had nearly 1,200 stores in 10 countries across Europe.
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