Exposure to a weak DIY market in France prompted earnings downgrades throughout 2013 for retailer Kingfisher (KGF), which is due to report results for the year to end-January 2014 next Tuesday. And analysts have also been trimming their forecasts for the current year, as macroeconomic conditions on the continent continue to limit the benefits of an improving economy and housing market in the UK.
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Analysts at Nomura are "neutral" on the shares, arguing that exposure to regions such as France are largely offsetting the benefits of a UK recovery. Their counterparts at Numis Securities agree: after the third-quarter results in November, they warned it was "difficult to ignore the macro risk emanating from France".
