Cold, Wet Spring Weighs on Kingfisher Performance; Shares Undervalued
Weak sales numbers at B&Q persisted in narrow-moat Kingfisher’s fiscal 2019 first-quarter sales update as weather failed to cooperate. Kingfisher’s sales growth at the brand (30% of 2017 sales) has been in decline since fiscal 2017, and we expected first-quarter weakness (sales fell 8.8%) to extend that trend to 2019. However, we already have this contemplated in our 3% sales decline for the year at B&Q, as we expect it will recapture some sales as weather turns. Screwfix, which has deli...
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