The One Kingfisher plan remains on track, but political uncertainty weighs on performance.
Weak sales numbers in France highlighted narrow-moat Kingfisher’s fiscal 2018 first-quarter sales update. Kingfisher’s like-for-like sales growth has been negative in France each year since 2013, and we expected first-half weakness to extend that trend to 2018. However, the negative 5.5% sales growth in France was a significant deceleration and leaves the company pacing well behind our full-year expectation of a 1%-2% decline. With France’s presidential election past and the perceived more moder...
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