Thursday preview: Retailers queue up

Retailers look set to dominate proceedings on Thursday with DIY outfit Kingfisher, consumer electricals seller Kesa and department store and supermarket partnership John Lewis all set to report. Cash and carry wholesaler Booker and soft furnishings retailer Dunelm are also reporting.Kesa Electricals is best known in the UK as owner of the Comet electrical goods barns but it has been the group's French chain, Darty, that has been doing the heavy lifting of late. Chief executive Thierry Falque-Pierrotin said back in June that the current financial year had started in line with expectations, but that was at the time of the FIFA World Cup, which should have provided a boost to flat-screen television sales, if nothing else.Activist investor Knight Vinke is a fan of the shares, having increased its stake at the end of June to 3.05%. Kesa's directors have also been buying, but the company faces a tough environment, with Curry's engaged in a lavish store refurbishment programme and US operator Best Buy opening up UK outlets.Expectations in the City are for Kesa to announce a like for like (LFL) sales decline of 3% from the first quarter period of the previous financial year, though UBS and Citigroup take a more optimistic view and predict a 4% increase in LFL sales at Darty and a 2% increase at Comet. B&Q owner Kingfisher reported a small drop in like-for-like sales in the 10 weeks to 10 July, but said in late July that half year profits remain on track.Though interim sales are expected to ease a little from last year's level, profits should show an improvement, helped by the company's self-help initiatives, such as sourcing a greater proportion of its stock directly from manufacturers and improving the product mix to feature higher margin own label products.Charles Stanley thinks earnings before interest, tax and amortisation will climb to £360m from £347m the year before while profit before tax could surge to around £350m, up from £288m. Those figures put Charles Stanley above the market consensus of £342m for underlying pre-tax profit. The broker thinks sales will dip to £5,440m from £5,502m.B&Q's revenues in the UK and Ireland are tipped to be down 3.5% year on year. As Britain's best known partnership, Waitrose owner John Lewis does not have to worry about stock market reaction to its first half figures due for release on Thursday, but the results will still be closely analysed to see which way the wind is blowing on the high street.The organisation releases weekly trading updates so there should not be too many surprises. The company had a good World Cup with plasma screens and food for couch potatoes selling well. Stockbroker Arden Partners is forecasting a half year profit of around £125m.Investment analysts have pencilled in a figure of £76.2m for Dunelm , a 42% increase on full-year profits last year. The group's focus on low prices and its edge of town locations look to be proving a winning combination. Booker should report a lift in first half sales, with UBS expecting the company to announce a 3% LFL increase.Keeping with the retail theme, retail sales volumes for August are expected to be 0.3% higher than July's levels, and around 2.0% higher than August 2009. July's volumes were 1.1% higher than June's. Good weather will have helped sales, as will retailers' willingness to cut prices and ramp up promotional offers. The CBI Industrial Trends survey for September should show that the balance of manufacturers reporting orders were above normal levels versus those reporting underperformance has turned more negative, at -17%, compared to August's figure of -14%, which was the best reading since August 2008.INTERIMSElektron, Global Energy Development, Gulfsands Petroleum, Kingfisher, Work GroupINTERIM DIVIDEND PAYMENT DATEAnglo American, Dialight, Spirent CommunicationsINTERNATIONAL ECONOMIC ANNOUNCEMENTSRBA Bulletin (AUS) (00:00)Tertiary Industry Index (JPN)Wholesale Price Index (GER) (07:00)ZEW Survey (EU) (10:00)Balance of Trade (EU) (10:00)New Car Registrations (EU) (10:00)Producer Price Index(US) (13:30)Continuing Claims (US) (13:30)Current Account (US) (13:30)Initial Jobless Claims (US) (13:30)Philadelphia Fed Index (US) (15:00)Q2OJSC Magnitogorsk Iron & Steel GDR (Reg S)GMSCyan, India Star EnergyFINALSBlueBay Asset Management, Centaur Media, Dunelm Group, Kier Group, Quayle MunroIMSSChemring Group, Kesa ElectricalsAGMSAbsolute Return Trust GBP Shares, Airsprung Group, Anite Group, Best of the Best, Braveheart Investment Group, Circle Oil, Downing Distribution VCT 'D' Shares, Downing Distribution VCT 2 , Games Workshop Group, Kesa Electricals, Prosperity Voskhod Fund Ltd., Terra Catalyst Fund, The Capital Pub Company, Tricorn GroupTRADING ANNOUNCEMENTSBooker Group, Chemring GroupUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)Retail Sales (09:30)FINAL DIVIDEND PAYMENT DATECity of London PR Kingfisher Dunelm