Checks and imbalances: Burberry slides as it puts faith in new range
NEW Burberry designer Riccardo Tisci's ranges have been enthusiastically received by customers, but their arrival in shops came too late to prevent the British luxury goods group from missing annual profit expectations, it said yesterday.
The company, famous for its check patterns, reported a 6pc fall in adjusted operating profit to £438m (€501m) for the year ended March 30, hit by foreign exchange movements and investment in new products. Analysts had expected £442m.
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Its shares fell 4.3pc in early trade, the biggest drop on the Ftse 100 index. Credit Suisse analysts said fourth-quarter like-for-like sales growth of 1pc was below the consensus forecast of 2pc, but welcomed a reiteration of sales and profit guidance for the financial year.