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http://www.investegate.co.uk/Article.aspx?id=201109150700282704O
Ian Cheshire, Group Chief Executive, said: "We have delivered very strong profit growth in what are difficult times for all retailers. With around two thirds of our profit coming from outside the UK, these results clearly show the value of geographic spread and the benefits of operating our market leading international businesses in a more unified way. We delivered improvements right across the group including excellent sales and profit growth in France. Our concerted efforts over the last few years to strengthen our balance sheet are paying off dividends, reducing our financing costs and creating the flexibility to take opportunities as they arise, such as our purchase of 29 great new sites for B&Q from the administrators of Focus DIY. We continued to progress with our successful 'Delivering Value' programme and work is well under way as we continue our transition to the next phase of our self-help growth plan, called 'Creating the Leader'. "Looking ahead, economic uncertainty throughout Europe is likely to impact consumer confidence, meaning conditions will remain challenging for retailers. However, our plans already assumed little help from our markets and I am confident we will continue to outperform, benefiting from our well-established programme of self-help initiatives, international scale and breadth, and robust balance sheet."
Highlights (in constant currencies): · Self-help initiatives drove strong growth in each of the three main operating divisions in challenging consumer markets: o French retail profits up 23.9% to £201 million driven by excellent sales growth (+4.5% LFL) and continuing margin initiatives o UK & Ireland retail profits up 6.1% to £182 million benefiting from ongoing sourcing and cost initiatives. B&Q profit grew 4.5% despite the one off adverse impact of the Focus DIY stock clearance activity ahead of its closure. Screwfix profits up 25.3%, expansion to be accelerated in H2 o Other International retail profits up 24.7% to £90 million driven by good profit growth in Poland, Spain, Turkey and Germany and lower losses in Russia and China · Proactive use of balance sheet strength and flexibility: o Invested £175 million developing our capabilities and growing our footprint o Acquired 29 ex-Focus DIY stores for conversion to the B&Q format (£24 million) o Bought the freehold in two existing leased B&Q stores and a new distribution centre (£64 million, saving £5 million of annual rent) o 42 million Kingfisher shares purchased by employee share trust to match existing share incentive schemes, avoiding dilution of shareholder interests when the schemes mature (£117 million) · Interim dividend up 28.3%, automatically calculated as a fixed percentage of the prior year's total dividend in line with stated policy
http://www.investegate.co.uk/Article.aspx?id=201109150700222701O
Kingfisher (KGF) kept its "buy" rating from Panmure Gordon, with a 350p target price. The broker expects the home improvement retailer to announce strong profit growth in its interim statement next week, with first half sales growth of 2.9% and pre-tax profits rising by 14% to 409 million pounds. The group has expanded in France and improved its gross margin and cash generation in all markets, notes Panmure. With a strong balance sheet and cash on hand, the broker anticipates further international expansion and the prospect of share buybacks or special dividends
Shore Capital continues to view Kingfisher (KGF) as a "buy", citing the group's price-to-earnings ratio of 9.8 and dividend yield of 3.6% as a reason to purchase the shares. The broker believes cash generation remains strong at Kingfisher, emphasising that net cash on the balance sheet is underpinned by a property portfolio valued in the region of 3 billion pounds
Kingfisher, the FTSE 100 DIY retailer, saw sales down 0.5% in the second quarter of 2011 compared to the same period last year. Total sales including new stores were up 1% if adjustments are made for currency fluctuations. The French operation performed strongly; Castorama was up +1.9% on a like for like basis and the equivalent figure for Brico Dépôt was an impressive 6.1%. The picture in the UK however was grim. Like for like sales were down 5.5% in total, with the iconic B&Q brand seeing a fall of 6.7%. The Screwfix business however did better, showing a sales rise of 10.5%. The firm says adverse weather and a huge stock clearance following the closure of Focus, formerly the UK's fourth largest DIY operator, were the main reasons for the poor performance in its home market
The coming week On the corporate front, Dr. Archer's "fiscal squeeze" may well have been a factor on the recent trading of do-it-yourself retailer Kingfisher, at least in the UK; the company's French operations may have had an easier time of it. "We expect UK LFL [like-for-like] sales at B&Q to be down strongly in the second quarter, given seasonal sales pull forward, poor weather, a clearance event at Focus following administration and a tough underlying environment. However, with 30 Focus stores set to be converted to B&Qs by the fourth quarter and many others exiting the market, fiscal 2012/13 may see a strong uplift for the group and more than offset short-term weakness," according to Nomura Securities. "Despite a top-line slowdown in France in the second quarter relative to the first, we continue to expect positive LFL sales trends. Gross margin initiatives, such as direct sourcing and common product, continue to flow through, while a favourable sterling/euro exchange rate should help offset UK weakness," the Japanese broker added.
JP Morgan Cazenove initiates overweight on Kingfisher, target price 329p
Barclays Capital reiterates overweight on Kingfisher, target price unchanged at 340p.
I like B&Q more than Homebase but Argos&Homebase( HOME) are much better priced & pay much higher divi & have no debts .I do not hold B&Q but i do hold HOME so please do your own research.Good Luck.
It is not always appreciated that B&Q owner Kingfisher, which also has operations in Turkey, Russia, Spain and China, achieves 60% of its sales and profits outside the UK. This gives it a significant counterpoint to the woes of the high street here. The shares sell on less than 12 times this year’s earnings, which makes them one of the few appealing plays in the sector, according to the Times.
The B&Q-owner Kingfisher enjoyed a sharp rise in profits in its first quarter, boosted by warm weather in its major markets, a later Easter and a glut of bank holidays in the UK. However, the company, which has 860 stores in eight countries including France, Turkey and Poland, warned that it expects this year to be a “tough” one for retailers, especially in the UK, which accounts for nearly half of group profits. Kingfisher’s shares trade on 12 times forward earnings, a slight premium to the sector. Its global scale will provide it with partial shelter from any UK economic storms. Buy, says the Independent.
Shore Capital reiterated its "buy" rating for Kingfisher (KGF). The broker notes the announcement last Friday that the home improvement retailer has agreed to buy up to 31 leasehold properties for 23 million pounds in cash. This, Shore commented, will see the group fulfilling its previously announced plans of expanding B&Q into carefully targeted UK locations earlier than anticipated. That said, believing that Kingfisher remains one of the few growth opportunities in the general retail sector, Shore remains positive going forward. The shares were down 4.1p to 275.5p.
Kingfisher (KGF) While it may be the kind of thing that Marie Antoinette would have said, but how much of a crisis can the Great British consumer be suffering if there is still enough cash around to go down to the local B&Q. Shares in the DIY specialist have gapped up through the blue 50 day moving average at 252p: a strong development, and while there is no end of day close below this feature one would expect to see a run towards the August 2010 price channel top at 280p on a 1 to 2 month timeframe. So say Zak Mir!
Ian Cheshire, Group Chief Executive, said: "We have delivered another year of strong profit growth and cash generation in what continue to be challenging times for our customers around the world. "Our 'Delivering Value' programme of self-help has been a great success so far with profits almost doubled since it started, return on capital up sharply and financial net debt eliminated. Despite significant economic headwinds over the last few years we are now a stronger, more valuable business. I am also delighted that we are now better able to accelerate our expansion where economic returns have been proven whilst also significantly increasing our dividend for our shareholders, many of whom are now our own colleagues. "Looking ahead, although I see no let up in the challenging environment in the short-term, I am excited by our future prospects. This year we will be stepping up the pace once more with a full set of activities in the final year of the first phase of 'Delivering Value' as well as mobilising the second phase, which is due to start in 2012. I believe we have an exciting growth opportunity, sustainable over the longer term, by creating a business that is the world's expert at making home improvement easier for customers. We are uniquely placed to use our scale, our network of international experience and our diversity for the benefit of our customers and shareholders."
http://www.investegate.co.uk/Article.aspx?id=201103240700165218D
http://www.investegate.co.uk/Article.aspx?id=201103240700125240D
Kingfisher matches forecasts By Lee Wild Date: Thursday 24 Mar 2011 LONDON (ShareCast) - Do-it-yourself retailer Kingfisher built profits by 19% last year, pretty much in line with market expectations. The B&Q owner made £671m in the year ended 29 January, up from £566m last time. The increase was 22.5% when adjusted for one-off items. Sales fell 0.5% to £10.45bn, in line, but rose 0.5% at constant currency. They dropped 0.9% on a like for like basis. Retail profit rose 15%, or over 16% at constant currency, as the French business added 12% to £348m, and UK & Ireland – B&Q and Screwfix - grew a fraction less to £243m. International was up 34% to £171m. Boss Ian Cheshire said the firm’s 'Delivering Value' programme had been a “great success”. It’s now two years into the three-year seven-step programme to improve cash returns, due to complete next January. A final dividend of 5.145p a share means a full-year payout of 7.07p, 28.5% higher than teh year before.
Smashed through 217. Maybe 220's by the end of the day
Let's hope this share heads north after today's rise.