Published on 23 - July - 2008
Market preview: KingfisherKingfisher will update the market on its second-quarter trading performance tomorrow
In June, Kingfisher saw like-for-like sales fall by 4.1% in the 13 weeks to May 3, with B&Q down 8.1%. Retail profit rose 8.9% to £96m, but was down 2.8% on a like-for-like basis.
Ahead of the update, investment company Bernstein described the group as an 'interesting medium-term value investment opportunity' based on Kingfisher's share price of 109.9p that discounts a dip in trading performance.
Also fuelling Bernstein's analysis is the group's property portfolio, which ceo Ian Cheshire reportedly described as a as a 'multi-million pound opportunity' if he unlocks its £3.6bn value.
Bernstein rates Kingfisher 'Outperform' although it recognises a tough trading environment particularly in the UK.
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