Kingfisher has significantly exceeded estimates and the share price rewarded accordingly with a strong early hike... Even prior to this strong update, the shares had had a good run over the last three months. Today’s numbers seem unlikely to dampen this optimism, with the general market view of the shares as a strong buy.”
DAVID JEARY | INVESTEC
Kingfisher’s results came in £10m ahead of our, and consensus, expectations, up 14 per cent to £273m, despite a surprising fall in profits at Poland. We expect consensus to move to £800m, where we leave our forecast unchanged. We have however cut outer year forecasts in anticipation of negative like-for-like sales in France next year.
PHILIP DORGAN | PANMURE GORDON
Kingfisher's statement is a collector's item these days, showing, as it has, profit growth and leading to profit upgrades. We expect to hear an exciting and relevant strategic update in March, adding visibility to its expansion plans and its opportunity in common sourcing and in own label. We therefore maintain our Buy recommendation.