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Kingfisher leads UK FTSE lower after profit miss
May 30, 2013 / 7:11 AM / 4 years ago

Kingfisher leads UK FTSE lower after profit miss

LONDON, May 30 (Reuters) - A selloff in Kingfisher led Britain’s blue-chip index lower on Thursday as Europe’s largest DIY retailer recorded a steeper than expected profit drop.

Shares in Kingfisher fell 2.6 percent as the company posted a near-30 percent drop in first quarter profit due to weak demand from cash-strapped customers in Europe and poor weather.

It was the top faller on the FTSE 100, which was down 9.1 points, or 0.1 percent, at 6,617.21 points at 0706 GMT.

The FTSE has fallen 3.7 percent from a 13-year high hit last week on talk the U.S. Federal Reserve may taper an asset-purchase programme that has helped equities rally sharply since late 2012. (Reporting By Francesco Canepa; Editing by Alistair Smout)

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