Analysts were impressed by what they saw and liked the scale of opportunity in the country, where mainstream retailers only control 12 per cent of the market at present. The retailer has 19 shops in Turkey and plans to have 50.
However, Pali analyst Nick Bubb retained his sell stance, saying: “Turkey is one of the gems in the Kingfisher empire, but is small beer compared with France and the UK, where trading is very difficult.”
Panmure Gordon’s Philip Dorgan stuck to his hold recommendation, saying: “Kingfisher will emerge a winner from the credit crunch-induced retail recession and investors with medium term horizons should be looking at picking up the shares.
“Timing is the key and our current recommendation reflects our certainty that at least the next six months will be dire for retail.”
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