ONE Kingfisher Plan on Track After Year One, but Near-Term Political Uncertainty Weighs on Shares
Narrow-moat Kingfisher continues to press its ONE Kingfisher plan forward, maintaining its ultimate goal of GBP 500 million in sustainable savings at the cost of GBP 800 million through 2021. In our opinion, the simplification of the operating model and SKU count should allow the firm to tap into easier operating margin expansion ahead, as buying operations are combined and merchandising best practices are shared across brands and countries. However, cautious commentary surrounding both Brexit a...
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