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Kingfisher (LSE: KGF) THE UK AND POLAND UNDERPIN STRONG TOP-LINE GROWTH

Executive Summary

  • British do-it-yourself (DIY) giant Kingfisher posted 1H17 revenues of £5,749 million, up 6.8% as reported, or 2.7% at constant currency. Comparable sales growth at constant currency was 3.3%. The top line beat consensus of £5,707 million.
  • Gross margin was dented by the growth of Screwfix and markdowns in the UK, but was recouped by gains in Poland and France.
  • Net profit crept up 0.9% and diluted earnings per share (EPS) climbed 3.7% and beat the consensus.

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