Consensus view on Kingfisher remains at 'hold', says Hargreaves Lansdown

An "uninspiring" trading update from DIY retailer Kingfisher on Tuesday is unlikely to change analysts from sitting on the fence about the stock, according Hargreaves Lansdown Stockbrokers. Kingfisher's share price had fallen 4.1% by 11:16 after the company reported group sales of £2.82bn in the 13 weeks to 1 November, 3.6% lower than the year before and down 0.9% on an like-for-like basis.The firm said that strong growth in the UK and Ireland, from its Screwfix brand especially, was more than offset from weakness overseas.Sales have continued to fall in its largest market, France, where it operates through its Castorama and Brico Dépôt chains."The difficulties which the new Chief Executive will inherit have been well documented and, for the moment, show few signs of abating," said Hargreaves Lansdown Stockbrokers' head of equities, Richard Hunter."The share price has reacted accordingly, having fallen 21% over the last year, as compared to a 1% hike for the wider FTSE 100," he said.Hunter said that while conditions are mixed across Kingfisher's end-markets, France "continued to be the real thorn in the side" with management's outlook "providing little solace"."The general market view of the company is unlikely to be moved by Kingfisher's update, and currently stands at a 'hold', albeit a strong one."