Inconsistent Results Persist at No-Moat Kingfisher; Shares Undervalued
No-moat Kingfisher’s fiscal 2020 first-quarter sales update revealed disparate performance across regions, with strength in the U.K., but struggles in France. Overall sales for the first quarter grew 0.3%, ahead of our full-year forecast for a 5% decline (which includes locations set to be closed accounting for 6% of 2019 sales). While the sales update did not provide explicit detail on margins, we expect to hear further insights on new store formats at its innovation day but believe these might...
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