Investment: Kingfisher shows the way for retail sector
Thursday 17 September 1998
Kingfisher's interim figures certainly showed scant evidence of an economic slowdown. Pre-exceptional interim profits were 22 per cent higher at pounds 182.6m, driven by a terrific performance from B&Q, where profits rose by 19 per cent. Woolworths is experimenting with an out-of-town format that gives more space to toys, children's clothing and homewares and it will print a million of its Woolworths Direct catalogue for Christmas.
Superdrug is moving more into health and beauty and is testing a store that offers massages and a hair salon. Meanwhile, Comet is plodding along after last year's windfall-fuelled surge.
With the home front looking secure and the on-off Asda deal probably dead, Kingfisher was making much of its pan-European ambitions yesterday. Darty, the French electricals business, is doing well and the stake in the BUT electricals and furniture operations is now up to over 60 per cent. Kingfisher's European division also has interests in Germany, Holland Belgium and Poland, and it would be no surprise if more territories were soon invaded.
Sir Geoff Mulcahy, Kingfisher's chief executive, would not be drawn on his plans for Castorama, the French DIY business with which Kingfisher was linked last month. But with talk of a wider European stage, he did seem to be preparing the market for a deal on the Continent.
On Merrill Lynch's full-year forecast of pounds 580m the shares trade on a prospective multiple of nearly 18. Not cheap but decent value for a well- managed business in a difficult sector.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...