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Kingfisher misses expectations

Kingfisher misses expectations

Home improvement company Kingfisher (KGF) is undergoing a makeover if its own. Management said the ONE Kingfisher transformation plan helped save around £14m in operational efficiencies during the first half, with the business on track for £30m-worth of cost savings by the year-end. But analysts at Stifel are less positive, arguing that visibility around the transformation needs to improve to retain shareholder support. Underlying pre-tax profit of £375m missed the broker's expectations of £401m, and represents a 14.8 per cent decline on last year, while the gross margin contracted from 36.8 per cent to 36.4 per cent.

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