Business World

Monday 21 August 2017

Burberry's sales fall in challenging luxury goods market

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.

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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