Weak sales environment persists, but Kingfisher pursues efficiency with ONE Kingfisher plan.
Narrow-moat Kingfisher’s third-quarter sales update offered few surprises. Apart from Screwfix, sales remained challenged in U.K./Ireland and France, which account for about 80% of revenue. However, sales are not the investment thesis driver. Rather, it is the significant operating changes the firm is making and the GBP 500 million in planned cost savings and efficiencies (ONE Kingfisher plan), which we expect to make Kingfisher a more sustainable, stable business. With no further update on the ...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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