Kingfisher, Topps Tiles and Halfords

“The FTSE 100 retreated in early trading with global markets very much on 'Fed watch' as the likelihood of a June US interest rate rise gains further traction. Traders are also looking to today's net borrowing figures to gauge the health of the UK economy,” says AJ Bell Investment Director Russ Mould.

“Warnings over the effect a potential Brexit might have on property prices have not dampened home owners’ enthusiasm for DIY projects with Kingfisher and Topps Tiles both seeing a rise in like-for-like sales.

“Screwfix continues to be the jewel in Kingfisher’s crown with like-for-like sales jumping by 16.2%. But the group will also be heartened by like-for-like growth at B&Q as the five-year turnaround plan begins to take effect. Kingfisher is benefiting from a supportive economic backdrop and well-received new product ranges with growth being driven by the UK and Poland. The update propelled Kingfisher to the top of the blue-chip index in early trading.

“First half like-for-like sales at Topps Tiles were up 4.7% as initiatives to upgrade and rebrand the stores brought more customers through its doors for the first time while trade sales also increased. Further improvements are in development and will be rolled-out during the remainder of this year and beyond.

“Halfords has underlined the importance of cycling to its business with the takeover of Tredz and Wheelies. Tredz is an online retailer of premium bikes and accessories while Wheelies is the largest provider of bicycle replacement for insurance companies. The two firms are strong and complementary additions to Halfords’ existing business and will extend its online presence.”

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