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 2015 General Election: Green party will not appear in TV debate alongside Ukip – says BBC
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Of course, teenage girls need role models – but not like beauty vlogger Zoella
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...