Kingfisher share price: what’s the latest ahead of its Q3 results?
The B&Q and Screwfix owner unveils its Q3 earnings next week, but with it focused on its turnaround strategy after several challenging quarters, its shares are unlikely to see significant gains in the near-term.
Kingfisher releases its third quarter earnings next week, with investors interested to see if the group’s new CEO Thierry Garnier will continue with the transformation plan his predecessor started or take the company in a new direction.
The ONE Kingfisher turnaround strategy implemented by former CEO Véronique Laury aims unify the company’s product ranges, drive the digital transformation of the group and improve operational efficiency.
Kingfisher’s chairman Andy Cosslett told reporters earlier this year that there would be ‘no handcuffs’ on Garnier’s arrival to the company. But with the retailer recording a 6.4% decline in half-year profit, the new CEO certainly has a tough road ahead.
Jefferies offers upbeat price target for Kingfisher
Analysts at Jefferies reiterated their buy rating for the stock in November and issued a new price target of 310p a share.
Based on Kingfisher’s share price closing at 213p on Wednesday, Jefferies guidance suggests that the stock has a potential upside of 45.5%.
Kingfisher bosses buy up shares
Kingfisher’s newly appointed CEO and CFO Bernard Bot expressed their commitment to the company, buying £232,000 worth of shares in the retailer on Wednesday.
The pair have have an uphil battle ahead of them to improve the company’s performance, with like-for-like sales at its flagship DIY retailers B&Q and Castorama declining by 3.2% and 4.4% respectively.
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