Whilst the UK performance is much worse than we had expected, it is understandable given the pull through of summer ranges into quarter one and the closure of Focus with its promotional activity. The encouraging point is that gross margins are up for the quarter despite tough comparatives. We say Buy.
MATTHEW MCEACHRAN | SINGER
Trading over the last 10 weeks has been a smidge weaker than expected, with the UK worse but France better. This statement is therefore likely to erode some of the padding generated after a strong quarter one, but full year forecasts will still remain intact.
RICHARD HUNTER | HARGREAVES LANSDOWN
Kingfisher is positioning itself prudently and should benefit from any uptick in consumer behaviour. On the downside, the outlook remains inevitably uneven. On balance, prospects for the company remain strong, as does the market consensus, which currently comes in as a buy.