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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
Shares in Burberry plunged as the British fashion house warned of slower sales in China and America
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.
Burberry shares plunged 9% on Thursday after the British luxury fashion retailer warned that full-year operating profit will come in at the low end of forecasts