Kingfisher confirmed deteriorating French and Polish demand, with B&Q’s UK sales also subdued. On a more positive note, a resumption in gross margin shows how self-help is an important driver to offset macro challenges.
FREDDIE GEORGE SEYMOUR PIERCE
The results were broadly in line with expectations...We continue to be concerned that the decline in 2013 earnings is not just down to the one-offs of the summer wet weather and the decline in the euro but is also structural.
PHILIP DORGAN PANMURE GORDON
We remain buyers on the view that the long term outlook for earnings remains good. At some stage, there might be some help from the UK economy and, in the meantime, self-help opportunities should support profits.