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By Michael Susin Burberry Group warned that the global slowdown in luxury demand is hurting its performance and that it is unlikely to achieve its guidance...
UK's Burberry sees store sales growth dipping to just 1pc in second quarter against 18pc in first
Britain's Burberry said it was being hit by a global slowdown in luxury spending and it would struggle to meet its annual revenue forecast of low double-digit growth, with a knock-on impact on profit, if it continued. The company, which launched the first collection by designer Daniel Lee in September, reported a sharp slowdown in comparable store sales growth in its second quarter to 1%, down from 18% in the first, as growth in China evaporated.
Rising inflation and economic uncertainty have curbed shoppers' appetite for luxury
By Michael Susin Burberry shares were the FTSE 100's worst performer in early trading after the group warned a global slowdown in luxury demand is hurting...