UK's Kingfisher bottoms STOXX 600 after tightening annual profit outlook
Updates with share move, milestone, analyst comments
** Shares of European home improvement retailer Kingfisher KGF.L slump 12.6% to 257.6p, its lowest level since July 10, 2024
** Stock top pct loser on FTSE 100 index .FTSE which is up 0.4%, and bottom of STOXX 600 .STOX index, which rises 0.1%
** Co lowers the top end of annual PBT outlook to 510 mln pounds-540 mln pounds ($641.07 mln-$678.78 mln) from 510-550 mln pounds
** "Areas remain where Kingfisher needs to get its own house in order, most notably an underperforming French operation which accounts for 30% of group sales," said Richard Hunter, Head of Markets at Interactive Investor
** Posts a 1.1% fall in Q3 underlying sales
** KGF says October trading was impacted by uncertainty related to govt budgets in the UK and France
** "In the latest quarter, the situation was helped neither by the fact that consumer optimism remains patchy, nor by a budget ahead of which there was some reluctance to spend," Hunter adds
** In FY 25/26, co sees impact of higher employers' National Insurance Contributions detailed in UK's budget to cost about 31 mln pounds before any mitigations
** Adds, measures in French budget would cost co about 14 mln pounds
($1 = 0.7955 pounds)
Reporting by DhanushVignesh Babu in Bengaluru and Joao Manuel Mauricio in Gdansk
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