Saturday 10 December 2016

Burberry's sales fall in challenging luxury goods market

Published 14/04/2016 | 07:44

File photo of people walking outside a Burberry store in the Tsim Sha Tsui shopping district of Hong Kong, January 18, 2013. REUTERS/Bobby Yip/Files
File photo of people walking outside a Burberry store in the Tsim Sha Tsui shopping district of Hong Kong, January 18, 2013. REUTERS/Bobby Yip/Files

British luxury fashion brand Burberry said its second-half sales were hit by a drop in tourist spending in Continental Europe and weak demand in Hong Kong, and it expected the tough conditions in the sector to persist, impacting profit this year.

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The company reported revenue of £1.41bn for the six months to end-March on Thursday, down 1pc on an underlying basis.

It said adjusted profit before tax would be broadly in line with analysts' expectations, which range from £401m to £443m pounds, but the group was not optimistic for the full year, forecasting profit towards the bottom of forecasts.

Reuters

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