Kingfisher PLC Add to portfolio

B&Q stores will be shut on Tuesday, while Sports Direct’s outlets will stay open after Prime Minister Boris Johnson ordered the immediate closure of non-essential stores. B&Q chief executive Graham Bell said in statement that he had learned “that the DIY and hardware store sector has been categorised as an essential retailer”. Management justified keeping stores open on the basis that selling sporting and fitness equipment makes the company a vital asset during a national shutdown, according to an email seen by the PA news agency. However, Sports Direct later tweeted a statement signed by finance chief Chris Wootton saying: “We would like confirmation as to whether our Sports Direct and Evans Cycle fascias should open in the morning?”. The Wansbeck MP added that selling sports equipment “is not an essential service”, while Alyn and Deeside MP Mark Tami said Sports Direct staying open could potentially be “putting vulnerable people at risk”.

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A medical report from John Hopkins University claimed the number of reported cases has increased beyond 350,000 worldwide as testing is rolled out across the US, and the fear factor is setting in for traders, which is why they are dumping equities. As far as the west is concerned, the situation is getting worse by the day, in addition to that, there is a perception things will get even worse within the next few weeks. The Fed’s announcement about a quantitative easing programme that could run on for the foreseeable future jolted European equity benchmarks higher, but the optimism was short lived, and the markets moved south again. Today, the group confirmed it will not be proposing a dividend, in addition to that, it has drawn down its £775 revolving credit facility. Gold has been given a lift by the big fall in the US dollar - the inverse relationship between the two markets is playing out today.

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It’s been a turbulent week for financial markets, as investors keenly await further fiscal measures from assorted politicians from across the globe. These measures won’t be enough on their own, which means any sign of policymakers backtracking on fiscal commitments to support their respective economies over this huge fiscal hump, may prompt further declines in financial markets. Tuesday: The most recent China purchasing managers’ indices (PMIs) were a wake-up call to the brutal effects that the economic lockdown had on the Chinese economy in February. While Tuesday’s flash PMIs probably won’t be as bad as China’s, they are still likely to show a significant slowdown in economic activity across the UK and Europe, pointing to a direction of travel that is likely to filter down into April, across both manufacturing and services. Management also said that so far, there had been little indication of an impact on demand from the coronavirus crisis. However, the situation has since escalated. While the company had a decent start to the year, with growth strongly supported by e-commerce, the next few weeks are likely to be much more difficult, as consumers are encouraged to stay at home in the face of a national and international lockdown.

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"Across the Channel, President Macron and Chancellor Angela Merkel have already stated that no business regardless of size will be allowed to fail, and we call on the UK government to act now to reassure the retail & leisure sector with practical measures to address the current economic emergency. This should include an immediate extension of rates relief to all businesses." In its UK and international electricals business – which accounts for more than 80% of group revenue – online sales have been strong and store sales have held up across its markets. It said in a stockmarket statement today: "In recent days we have seen a reduction in footfall, across our estate, and whilst the full extent of the Coronavirus on the short and medium term retail environment is not yet clear, it is becoming ever more apparent that it will create significant disruption to people’s lives and shopping habits in the coming months. The decision to defer and take steps to propose the cancellation of the 2019 Final Dividend has been taken with the unanimous backing of the board and is one of number of appropriate measures being implemented to conserve the company’s cash balances and ensure the robustness of the business to protect it from a sustained period of challenging trading." In the past week we have seen reduced footfall and we are mindful of the developing situation with Covid-19 and the potential impact on deliveries and demand. However, we believe the group is as well positioned as it can be." How delivery is changing in the light of coronavirus. Over on eDelivery, Alex Sword is today reporting edelivery.net/2020/03/coronavirus-forces-change-driver-doorstep-etiquette-online-deliveries-ramp/">how coronavirus is forcing a change in doorstep etiquette.

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TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative women’s healthcare company, today provided an update on its business operations as the COVID-19 situation evolves. The company’s vitaCare Prescription Services patient model assists patients in obtaining easy and convenient access to their prescriptions for products at a retail pharmacy of their choice, including via home delivery retail pharmacy options. The company has also partnered with independent community pharmacies and multiple third-party online pharmacies (such as PillPack, PillClub and Simple Health) and telemedicine providers (such as PlushCare) that focus on contraception or menopause to ensure patients have real-time access to both diagnosis and treatment. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled "Risk Factors" in the company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of COVID-19; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®, BIJUVA® and its hormone therapy drug candidates and obtain additional financing necessary therefor; whether the company will be able to comply with the covenants and conditions under its term loan facility, including the conditions to draw an additional tranche thereunder and whether the lender will make such tranche available; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company’s current or future approved products or preclude the approval of the company’s future drug candidates; whether the FDA will approve the efficacy supplement for the lower dose of BIJUVA; the company’s ability to protect its intellectual property, including with respect to the Paragraph IV notice letter the company received regarding IMVEXXY and an abbreviated new drug application containing a Paragraph IV certification that has been submitted to the FDA relating to BIJUVA; the length, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development and clinical trials; the ability of the company’s licensees to commercialize and distribute the company’s products; the ability of the company’s marketing contractors to market ANNOVERA; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership.

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Kingfisher, the owner of B&Q, has temporarily closed all of its shops in France following the country's lockdown, as well as in Spain, where the government declared a two-week state of emergency. The group said sales held up well up until the 14 of March, but that there was 'significant uncertainty' on sales and demand going forward due to the coronavirus outbreak. The group said all staff in France will continue to get paid but there were no immediate further details on what action has been taken to reduce costs. Like-for-like sales in February were up 7.6 per cent, while they 'continued to be positive' in the first two weeks of March, with growth across all businesses and strong growth in online sales.

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B&Q owner closes all 221 stores in France. The country has gone into lockdown because of coronavirus. 07:38, 16 MAR 2020. The owner of DIY chain B&Q has closed all 221 stores its owns in France as the country goes on lockdown. Kingfisher, which also owns Castorama and Brico Depot, added it had “taken measures to protect its colleagues and customers, to limit the impact on profitability and to preserve financial flexibility”. News. all. Most Read. Most Recent. Most Read. Most Recent.

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(Reuters) - Home improvement group Kingfisher (KGF.L) said on Monday all 221 of its Castorama and Brico Dépôt stores in France have closed until April 14 in line with government advice on coronavirus, while its 28 stores in Spain have also shut until March 29. The group said it is working to mitigate the implications of these closures, including serving customers through click & collect or home delivery. Kingfisher's remaining over 1,100 stores across the United Kingdom, Ireland, Poland, Romania, Portugal and Russia remain open. But it said significant uncertainty exists around the impact of COVID-19, forcing it to take measures to contain its costs and protect its financial position. These include reducing operating expenditure, reducing stock and goods not for resale (GNFR) purchases, optimising working capital, stopping all but essential capital expenditure, and making use of tax payments and other government relief measures.

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KINGFISHER PLC/SH (OTCMKTS:KGFHY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, Zacks.com reports. According to Zacks, “KINGFISHER is Europe’s leading home improvement retail group and the third largest in the world, with leading market positions in the UK, France, Poland, Italy, Turkey, China. Kingfisher also has a 21% interest in, and strategic alliance with Hornbach, Germany’s leading DIY warehouse retailer, with over 120 stores across Europe. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company.

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Pictured in 2018: Thomas Tobias, director & team lead (CIBC), Byron Bolton, CEO, KingFisher Boats and Doug Purdie, partner,audit and assurance (Deloitte). Now in its 27th year, Canada’s Best Managed Companies remains one of the country’s leading business awards programs recognizing Canadian-owned and managed companies for innovative, world-class business practices. “This year’s Best Managed winners are a testament to the success found when businesses are deliberate about seizing the opportunity to do better; they invest in game-changing technology, commit to their corporate purpose and social responsibility, and solidify their place on the world stage,” said Kari Lockhart, partner, Deloitte Private and Co-Leader, Canada’s Best Managed Companies program. “Canada’s Best Managed Companies celebrate a community of the strongest private businesses that shape our country and fuel Canada’s competitiveness, creating sustainable economic growth in an evolving global market.”.

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