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Kingfisher keeps believing in a “resilience of home improvement”

By Chris Bailey | Tuesday 21 March 2023

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I learnt earlier today via the management of Kingfisher plc (KGF), the “international home improvement company with over 1,900 stores, supported by a team of 82,000 colleagues” (and listed in the FTSE 100), that a recent survey it took “highlight resilience of home improvement”. How wonderful, as apparently iffy comedy budgets a few months ago, higher interest rates, lower house prices and a touch of volatility in both the general economy and a few banks in the United States (and one in Switzerland) has apparently had little impact. We will just ignore then Kingfisher’s FY22 numbers today, with their underlying operating profits down 20% or so year-on-year and negative free cash flow…
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