RBC: Kingfisher plc to See 'Small Fall' in Fiscal H1 Like-for-like Sales

05:57 AM EDT, 09/21/2026 (MT Newswires) -- RBC Capital Markets expects Kingfisher plc (KGF.L) to report a "small fall" in like-for-like sales in the British home improvement retailer's fiscal half-year results on Tuesday. "Company-compiled consensus has H1 Group sales of GBP6.88bn, which includes LFL sales down -0.1% yoy. Consensus is modelling gross margin up +20bps yoy. Consensus also has retail profit of GBP461mn and adjusted PBT of GBP372mn," the research firm said in a European Retailing report published Monday. "We expect a small fall in overall LFL sales due to a very strong early Spring period last year, but for LFL sales growth to build during the year versus softer comparables. This will mean that KGF's PBT this year should be less skewed to H1 than last year, with around a 62:38 split H1/H2." Meanwhile, analysts view the retail group as having "stronger" EPS growth potential amid expectations of structural growth in digital and trade, alongside a dividend yield of 4% and a "very low" direct exposure to the Middle East. "We think the shares have come in markedly since the start of the Iran conflict mainly due to increased interest rate expectations and a softer outlook for bigger ticket more discretionary expenditures," RBC noted. The outperform-rated stock has a price target of 3.50 pounds sterling at RBC.