Kingfisher plc http://www.alacrastore.com/company-snapshot/Kingfisher_plc-1018442 24 Nov 2009 01:08:42 EST 1018442 Kingfisher plc en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/research/moodys-global-credit-research-Kingfisher_plc-PBC_120982PBC_120982moodys/PBC_120982pdf17 Nov 2009 08:45:32 ESTpdfKingfisher plcKingfisher plc594300594300300.000017 Nov 2009AnalysisAnalysisC...Headquartered in London, the UK, Kingfisher plc is a home improvement retailer that enjoys significant scale as the largest operator in Europe and the third-largest operator worldwide, with total revenue of GBP##.# billion in FY####/##. The company is a multi-channel retailer with main focus on the store-based business, supported by catalogues and online retail. It offers a mix of "hard" products (e.g. building materials, tools, plumbing and heating) and "soft" (DIY) products (e.g. wallpaper, lighting, decoration and gardening materials). In addition to its market leadership in the UK (through its B&Q and Screwfix brands) and the French DIY segment (through Castorama and Brico Dépôt), Kingfisher has established a top position in Poland, Turkey, Russia and China. It also has a strategic alliance (##% interest) in Hornbach Baumarkt AG ("Hornbach," rated Ba#, stable), the fourth-largest DIY operator in the highly competitive German market.... 594300806716195UNITED KINGDOMINDUSTRIAL594300Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/research/creditsights-Monthly_UK_Retail_Sales_October_2009-9116891168cs/91168normArticleTemplateUK retail sales figures continue to be flattered by increasingly weak prior year comparables, albeit combined with some recent improvement in consumer sentiment. Nonetheless, we remain Underweight on the UK retail sector.scassidydsg_internationalkingfishermarks_spencernexttescodsg_internationalkingfishermarks_spencernexttescounited_kingdomunited_kingdom9116810 Nov 2009 11:04:00 ESTYes91168150CreditSights IncconsumerretailretailconsumerPublished Monthly UK Retail Sales: October #### According to the latest figures from the British Retail Consortium (BRC), UK retail sales rose #.#% YoY during October ####, up #.#% on a like-for-like basis, representing the best YoY October growth...UKRetailSalesMonthly UK Retail Sales1248accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Marks_amp_Spencer_1H10_Move_to_Overweight-9085490854cs/90854normArticleTemplateMarks & Spencer has reported encouraging 1H10 results above consensus expectations. We switch to Overweight from Marketweight.scassidykingfishermarks_spencernextmarks_spencerkingfishernextunited_kingdomunited_kingdom9085409 Nov 2009 11:44:38 ESTYes90854150CreditSights Inceuropeeuropeconsumerretailspecialty_retailconsumerretailspecialty_retailPublishedearningseuro_markets_issuersearningseuro_markets_issuersEarningsNoteEarnings Note1634 Marks & Spencer #H##: Move to Overweight Leading UK apparel retailer, Marks & Spencer (Baa#/BBB-) has reported encouraging #H## results to the ##th September ####. With sales figures having already been reported in September ####,...Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-2009_U_K_Retail_Outlook_Tightening_the_Belt-7836378363cs/78363normArticleTemplateTrading conditions are expected to remain tough across the U.K. retail sector during 2009, with fierce price competition in the U.K. grocery sector and with the non-food segment facing an uphill battle to lure the cash-strapped consumer.scassidydsg_internationalkingfishermarks_spencernexttescowm_morrisondsg_internationalkingfishermarks_spencernexttescowm_morrisonunited_kingdomunited_kingdom7836309 Nov 2009 11:44:35 ESTYes78363150CreditSights IncconsumerretailretailconsumerPublishedsector_weightingssector_weightingsSectorOutlookSector Outlook4926 #### U.K. Retail Outlook: Tightening the Belt If conditions at the beginning of #### were challenging for U.K. retailers, the latter half of the year took trading conditions to a much more difficult level, with the U.K. consumer heavily...accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-2007_U_K_Retail_Outlook_Tough_Times_Ahead-4969549695cs/49695normArticleTemplateA period of belt-tightening by the U.K. consumer is expected during 2007 with more discretionary segments such as consumer electronics and DIY the most vulnerable. We remain underweight.scassidyalliance_bootsdsg_internationalexperiankingfishermarks_spencernexttescowm_morrisonalliance_bootsdsg_internationalexperiankingfishermarks_spencernexttescowm_morrisonunited_kingdomunited_kingdom4969509 Nov 2009 11:44:34 ESTYes49695150CreditSights InceuropeeuropeconsumerretailretailconsumerPublishedSectorOutlookSector Outlook5046 #### U.K. Retail Outlook: Tough Times Ahead A period of belt-tightening by the U.K. consumer is expected during #### partly due to recent interest rate rises. Food sales are likely to remain strong relative to other more discretionary...accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-2008_U_K_Retail_Outlook_Brace_Yourself_for_Bumpy_Conditions-6328363283cs/63283normArticleTemplateOur underweight recommendation on the U.K. retail sector is fuelled by ongoing difficult trading conditions, as previous interest rate rises feed through to the consumer, combined with intense price competition and ongoing cost inflation.scassidyslindstromdsg_internationalexperiankingfishermarks_spencernexttescowm_morrisondsg_internationalexperiankingfishermarks_spencernexttescowm_morrisonunited_kingdomunited_kingdom6328309 Nov 2009 11:44:34 ESTYes63283150CreditSights InceuropeeuropeconsumerretailretailconsumerPublishedSectorOutlookSector Outlook4485 #### U.K. Retail Outlook: Brace Yourself for Bumpy Conditions Our underweight recommendation on the U.K. retail sector is primarily driven by ongoing difficult trading conditions, as previous interest rate rises feed through to the...accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Metro_3Q09_Mixed_Trading_Newsflow-9077590775cs/90775normArticleTemplateMetro has reported mixed 3Q09 results, impacted by domestic-market weakness and in particular, currency-related weakness in Eastern Europe. Nonetheless, we remain Marketweight.scassidykingfishermetrometrokingfishergermanygermany9077503 Nov 2009 08:04:15 ESTYes90775150CreditSights Inceuropeeuropeconsumerretailspecialty_retailconsumerretailspecialty_retailPublishedcompanies_withnvertiblesearningseuro_markets_issuersearningscompanies_withnvertibleseuro_markets_issuersEarningsNoteEarnings Note1337 Metro #Q##: Mixed Trading Newsflow Metro (Baa#/BBB), Germany's leading retailer, has reported mixed #Q## results, albeit above consensus EBIT expectations and with some evidence that cost savings measures are starting to reduce the...Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Euro_Retail_RV_Monthly_October_2009-9014890148cs/90148normArticleTemplateWe take the opportunity to review market conditions in the UK grocery sector and change our recommendation on market leader Tesco to Overweight from Marketweight.scassidycarrefourkingfishersainsburytescowm_morrisoncarrefourkingfishersainsburytescowm_morrisonunited_kingdomunited_kingdom9014802 Nov 2009 03:04:00 ESTYes90148150CreditSights InceuropeeuropeconsumerretailretailconsumerPublishedEuroRetailConsumerReportEuro Retail & Consumer Monthly2198 Euro Retail RV Monthly: October #### This month we focus on the UK retail sector, with the consumer clearly feeling more confident than earlier in the year, although with significant pressures remaining in the months ahead, in our view....accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Monthly_London_Retail_Sales_September_2009-8997789977cs/89977normArticleTemplateRetail sales growth in Central London reported a substantial upturn during September 2009, albeit with prior year comparables playing a large role in the improvement. We remain Underweight on the UK retail sector.scassidydsg_internationalkingfishernexttescodsg_internationalkingfishernexttescounited_kingdomunited_kingdom8997719 Oct 2009 11:05:00 ESTYes89977150CreditSights InceuropeeuropeconsumerretailretailconsumerPublishedLondonRetailSalesMonthly London Retail Sales1408 Monthly London Retail Sales: September #### According to the latest figures from the British Retail Consortium (BRC), retail sales growth in Central London reported a substantial upturn during September ####, delivering the best monthly...accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-U_K_Retail_Review_The_Year_So_Far-4105841058cs/41058normArticleTemplateThe operating environment for U.K. retailers remains difficult. Much of the recent industry sales boost in the run-up to the World Cup has been fuelled by discounting. We remain underweight.scassidyalliance_bootsdsg_internationalexperiankingfishersainsburytescowm_morrisonalliance_bootsdsg_internationalexperiankingfishersainsburytescowm_morrisongbgb4105814 Oct 2009 03:05:19 ESTYes41058150CreditSights InceuropeeuropeconsumerretailretailconsumerPublished U.K. Retail Review: The Year So Far The operating environment for U.K. retailers has remained difficult in the first five months of ####, with ongoing cost inflation and intense price competition. While there has been an improvement...UKRetailSalesMonthly UK Retail Sales4998accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-U_K_Retail_LBOs_The_Beginning_of_the_End-5976359763cs/59763normArticleTemplateWhile the U.K. LBO market will likely resume activity in the near term, the recent surge of larger and larger deals at rising debt multiples is likely to be a thing of the past.scassidyslindstromalliance_bootskingfishersainsburywm_morrisonalliance_bootskingfishersainsburywm_morrisongbgb5976314 Oct 2009 03:05:19 ESTYes59763150CreditSights InceuropeeuropeconsumerretailretailconsumerPublishedlbolboTranscriptTranscript3501This Thomson Financial Investext report contains business intelligence generated by analysts at leading research organizations worldwide. Information provided may include trends, sales and earnings forecasts, market share projections, and research and development expenditures. The database supplements and extends the data found in annual and quarterly reports and is particularly useful for market research, corporate development, competitive analysis, business planning, and financial forecasting.accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-U_K_Non_Food_Retail_Are_Liquidity_Fears_Warranted-7700577005cs/77005normArticleTemplateWe take a look at the liquidity situation of the 4 main non-food retail credits within our coverage - DSG International, Kingfisher, Marks & Spencer and Next.scassidydsg_internationalkingfishermarks_spencerwm_morrisondsg_internationalkingfishermarks_spencerwm_morrisongbgb7700514 Oct 2009 03:05:19 ESTYes77005150CreditSights Inceuropeeuropeconsumerretailspecialty_retailretailspecialty_retailconsumerPublished U.K. Non-Food Retail: Are Liquidity Fears Warranted? We take a look at the liquidity situation of the # main non-food retail credits within our coverage - DSG International, Kingfisher, Marks & Spencer and Next.  While life will not...UKRetailSalesMonthly UK Retail Sales2755accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-U_K_Non_Food_Retail_More_Negative_Newsflow-7736677366cs/77366normArticleTemplateNewsflow from the U.K. non-food retail sector continues its negative tone with weak earnings data from both Kingfisher and DSG International, with the latter scrapping its FY09 dividend.scassidydsg_internationalkingfisherdsg_internationalkingfishergbgb7736614 Oct 2009 03:05:19 ESTYes77366150CreditSights Inceuropeeuropeconsumerretailspecialty_retailretailspecialty_retailconsumerPublishedUKRetailSalesMonthly UK Retail Sales921 U.K. Non-Food Retail: More Negative Newsflow Newsflow from the U.K. non-food retail sector continues its negative tone, with tough operating conditions testing the resilience of all players operating in the more discretionary segments....accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Monthly_UK_Retail_Sales_September_2009-8977089770cs/89770normArticleTemplateSeptember 2009 UK retail sales figures have been boosted by a number of factors including weak prior year comparables. Nonetheless, we remain Underweight on the sector.scassidykingfishersainsburytescokingfishersainsburytescounited_kingdomunited_kingdom8977013 Oct 2009 11:05:00 ESTYes89770150CreditSights InceuropeeuropeconsumerretailretailconsumerPublishedUKRetailSalesMonthly UK Retail Sales1238 Monthly UK Retail Sales: September #### According to the latest figures from the British Retail Consortium (BRC), UK retail sales roses rose #.#% YoY during September ####, up #.#% YoY on a like-for-like basis. This marks a substantial...accoraccoraccoraccoraholdaholdaholdaholdalliance_bootsalliance_bootsalliance_bootsalliance_bootsallied_domecqallied_domecqallied_domecqallied_domecqaltriaaltriaaltriaaltriaarden_realtyarden_realtyarden_realtyarden_realtyarmstrong_worldarmstrong_worldarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveasbury_automotiveasbury_automotiveblack_deckerblack_deckerblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycampbell_soup_companycampbell_soup_companycarrefourcarrefourcarrefourcarrefourcasinocasinocasinocasinococa_colacoca_colacoca_colacoca_colacoca_cola_enterprisescoca_cola_enterprisescoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodsconagra_foodsconagra_foodscvscvscvscvsdelhaizedelhaizedelhaizedelhaizedillardsdillardsdillardsdillardsdsg_internationaldsg_internationaldsg_internationaldsg_internationalebayebayebayebayexperianexperianexperianexperianflemingflemingflemingfleminggapgapgapgapgeneral_millsgeneral_millsgeneral_millsgeneral_millshanesbrandshanesbrandshanesbrandshanesbrandsheinzheinzheinzheinzhome_depothome_depothome_depothome_depotiac_interactiveiac_interactiveiac_interactiveiac_interactivejc_penneyjc_penneyjc_penneyjc_penneyjones_appareljones_appareljones_appareljones_apparelkelloggkelloggkelloggkelloggkingfisherkingfisherkingfisherkingfisherkohlskohlskohlskohlskraftkraftkraftkraftkrogerkrogerkrogerkrogerlands_endlands_endlands_endlands_endliberty_medialiberty_medialiberty_medialiberty_medializ_claiborneliz_claiborneliz_claiborneliz_claiborneloweslowesloweslowesmacysmacysmacysmacysmarks_spencermarks_spencermarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmedco_health_solutionsmedco_health_solutionsmetrometrometrometromichaels_storesmichaels_storesmichaels_storesmichaels_storesneiman_marcusneiman_marcusneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnewell_rubbermaidnewell_rubbermaidnextnextnextnextnordstromnordstromnordstromnordstromoffice_depotoffice_depotoffice_depotoffice_depotomnicareomnicareomnicareomnicarepathmark_storespathmark_storespathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsi_bottlingpepsi_bottlingpepsicopepsicopepsicopepsicopilgrims_pridepilgrims_pridepilgrims_pridepilgrims_prideprocter_gambleprocter_gambleprocter_gambleprocter_gambleradioshackradioshackradioshackradioshacksafewaysafewaysafewaysafewaysafeway_plcsafeway_plcsafeway_plcsafeway_plcsainsburysainsburysainsburysainsburysakssakssakssakssara_leesara_leesara_leesara_leesears_holdingssears_holdingssears_holdingssears_holdingsspectrum_brandsspectrum_brandsspectrum_brandsspectrum_brandssupervalusupervalusupervalusupervalutargettargettargettargettescotescotescotescoticketmasterticketmasterticketmasterticketmastertoys_r_ustoys_r_ustoys_r_ustoys_r_ustyson_foodstyson_foodstyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankunited_overseas_bankunited_overseas_bankvfvfvfvfwal_martwal_martwal_martwal_martwendys_internationalwendys_internationalwendys_internationalwendys_internationalwinn_dixiewinn_dixiewinn_dixiewinn_dixiewm_morrisonwm_morrisonwm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-UK_Non_Food_Retail_Showing_Some_Discretion-8907689076cs/89076normArticleTemplateThis is a transcript of the presentation we gave on UK Non-Food Retail at the CreditSights London Conference on 15 September 2009scassidydsg_internationalkingfishermarks_spencernextdsg_internationalkingfishermarks_spencernextgbgb8907622 Sep 2009 11:04:00 ESTYes89076150CreditSights IncconsumerretailretailconsumerPublishedThis Thomson Financial Investext report contains business intelligence generated by analysts at leading research organizations worldwide. Information provided may include trends, sales and earnings forecasts, market share projections, and research and development expenditures. The database supplements and extends the data found in annual and quarterly reports and is particularly useful for market research, corporate development, competitive analysis, business planning, and financial forecasting.TranscriptTranscript5022accoraccoraholdaholdalliance_bootsalliance_bootsallied_domecqallied_domecqaltriaaltriaarden_realtyarden_realtyarmstrong_worldarmstrong_worldasbury_automotiveasbury_automotiveblack_deckerblack_deckercampbell_soup_companycampbell_soup_companycarrefourcarrefourcasinocasinococa_colacoca_colacoca_cola_enterprisescoca_cola_enterprisesconagra_foodsconagra_foodscvscvsdelhaizedelhaizedillardsdillardsdsg_internationaldsg_internationalebayebayexperianexperianflemingfleminggapgapgeneral_millsgeneral_millshanesbrandshanesbrandsheinzheinzhome_depothome_depotiac_interactiveiac_interactivejc_penneyjc_penneyjones_appareljones_apparelkelloggkelloggkingfisherkingfisherkohlskohlskraftkraftkrogerkrogerlands_endlands_endliberty_medialiberty_medializ_claiborneliz_claiborneloweslowesmacysmacysmarks_spencermarks_spencermedco_health_solutionsmedco_health_solutionsmetrometromichaels_storesmichaels_storesneiman_marcusneiman_marcusnewell_rubbermaidnewell_rubbermaidnextnextnordstromnordstromoffice_depotoffice_depotomnicareomnicarepathmark_storespathmark_storespepsi_bottlingpepsi_bottlingpepsicopepsicopilgrims_pridepilgrims_prideprocter_gambleprocter_gambleradioshackradioshacksafewaysafewaysafeway_plcsafeway_plcsainsburysainsburysakssakssara_leesara_leesears_holdingssears_holdingsspectrum_brandsspectrum_brandssupervalusupervalutargettargettescotescoticketmasterticketmastertoys_r_ustoys_r_ustyson_foodstyson_foodsunited_overseas_bankunited_overseas_bankvfvfwal_martwal_martwendys_internationalwendys_internationalwinn_dixiewinn_dixiewm_morrisonwm_morrisonCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_187013_91200PR_187013_91200moodys/PR_187013_91200html22 Sep 2009 09:28:25 ESThtmlCarrefour S.A.X5 Retail Group N.V.A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KGSafeway LimitedDelhaize GroupAgrokor D.D.Hornbach Baumarkt AGKoninklijke Ahold N.V.Metro AGKingfisher plcWm Morrison Supermarkets plcMarks & Spencer p.l.c.DSG International plcNEXT plcTesco PlcJ Sainsbury plcA.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG; Agrokor D.D.; Carrefour S.A.; Delhaize Group; ...91200808801559807837375617356000618136000531556000485996000100936000082245943004967004635003081299027142401150.000021 Sep 2009NewsAnnouncementCGlobal Credit Research Announcement ## SEP #### Announcement: Carrefour S.A. Moody's outlook for European retail remains negative, but potentially stabilising Fewer negative rating actions in #### versus #### London, ## September ####...Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/research/creditsights-Kingfisher_1H10_Above_Expectations_For_Now-8892688926cs/88926normArticleTemplateKingfisher has reported 1H10 results above expectations, although with trading conditions likely to get more challenging in the winter months ahead. We remain Underweight.scassidykingfishergb8892617 Sep 2009 11:04:00 ESTYes88926150CreditSights Inceuropespecialty_retailconsumerretailPublishedearningseuro_markets_issuerscompanies_withnvertiblesEarningsNoteEarnings Note1342 Kingfisher #H##: Above Expectations (For Now) Kingfisher  (Baa#/BBB- Both Neg), the UK's no. # DIY player, has reported #H## results above expectations, although with indicative trading figures having already been reported last week,...Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B2434636B2434636ccbn/B2434636norm17 Sep 2009 03:12:00 EST2434636Edited Brief of KGF.L earnings conference call or presentation, 17-Sep-09 9:30am UKTKingfisher plc54.0000EditedInterim 2009 Kingfisher plc Earnings Presentation and Conference Call SummaryKGF.L9:30am UKTBrief...Ian Cheshire Kingfisher plc - Group Chief Executive Kevin O'Byrne Kingfisher plc - Group Finance Director CONFERENCE CALL PARTICIPANTS... Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T2434636T2434636ccbn/T2434636norm17 Sep 2009 01:12:00 EST2434636Final Transcript of KGF.L earnings conference call or presentation, 17-Sep-09 9:30am UKTKingfisher plc54.0000FinalInterim 2009 Kingfisher plc Earnings Presentation and Conference Call TranscriptKGF.L9:30am UKTTranscript...Ian Cheshire Kingfisher plc - Group Chief Executive Kevin O'Byrne Kingfisher plc - Group Finance Director C O N F E R E N C E C A L L P A R T I C I P A N T S... Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/research/creditsights-Kingfisher_1H10_Above_Expectations-8892488924cs/88924normWWTemplatescassidykingfishergb8892417 Sep 2009 06:04:03 ESTYes88924150CreditSights Inceuroperetailconsumerspecialty_retailPublishedcompanies_withnvertibleseuro_markets_issuersWorthWatchingWorth Watching340 Kingfisher: #H## Above Expectations Kingfisher (Baa#/BBB- Both Neg) has reported #H## results above expectations, although with indicative trading figures having already been reported last week, there is little of surprise in today's...Credit & Investment ResearchCreditSights