Thursday preview: Retailers in focus

14th Sep 2011 17:21

Panmure Gordon is expecting DIY retailer Kingfisher to prolong its recent record of strong growth when it announces interim results on Thursday. "We look for H1 [first half] pre-tax profits to rise by 14% to £409m, driven by a strong sales performance in France, gross margin growth in all of its markets (supported by increased direct sourcing and the gradual introduction of common ranges) and cash generation. This would represent strong two year growth after last year's interim profits improved by 24%," Panmure Gordon said.Elsewhere in the retail sector, home furnishings, kitchenware and bedding firm Dunelm is publishing full-year figures, having already reported full-year sales growth of 9.3%. The company expects gross margins to have increased by 120 basis points (bps) over the full year. One hundred basis points equal a percentage point. "Previous guidance for ongoing margin growth has been more subdued, c20-30bps for 2012E [fiscal 2012]," notes Peel Hunt. "However, we believe the company is starting to reassess the level of direct sourcing, currently c20%, providing the potential for a much stronger medium term margin performance, which is not yet included in our forecasts," the broker added.The retail theme extends to economic data, with UK retail sales for August set to be published at 9:30am. Market expectations are for sales to fall 0.2%, having risen 0.2% in July. With vehicle fuel excluded, sales are tipped to fall 0.3% having risen 0.2% in July.INTERIMSAmiad Filtration Systems Ltd., Brightside Group, Elektron Technology, HaloSource Inc. (Reg S), Kingfisher, Kiotech International, ReThink Group, Trap Oil GroupINTERIM DIVIDEND PAYMENT DATEAnglo American, Matrix Income & Growth VCT, Spirent CommunicationsQUARTERLY PAYMENT DATECanaccord Financial Inc., Canadian General Investments Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSECB Report (EU) (09:00)Harmonised Competitiveness Indicators (EU) (09:00)Harmonised Index of Consumer Prices (EU) (10:00)Consumer Price Index (EU) (10:00)Initial Jobless Claims (US) (13:30)Consumer Price Index (US) (13:30)Continuing Claims (US) (13:30)Current Account (US) (13:30)Balance of Payments (US) (13:30)Empire State Manufacturing Survey (13:30)Industrial Production (US) (14:15)Bloomberg Consumer Confidence (US) (14:45)Philadelphia Fed Index (US) (15:00)Capacity Utilisation (US) (16:15)Industrial Production (US) (16:15)GMSAgua Terra Ltd. (DI), Gulfsands Petroleum, HuntingFINALSCentaur Media, Dunelm Group, Kier Group, Quayle Munro HoldingsIMSSKesa ElectricalsAGMSAnite, Best of the Best, Braveheart Investment Group, Downing Absolute Income VCT 2, Games Workshop Group, Kesa Electricals, Probability, Prosperity Russia Domestic Fund Ltd., ReNeuron GroupTRADING ANNOUNCEMENTSBooker GroupUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)Retail Sales (09:30)FINAL DIVIDEND PAYMENT DATERobert Wiseman Dairies