Burberry’s second-half sales fall in challenging luxury market
HONG KONG – 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 1.41 billion pounds for the six months to end-March on Thursday, down 1 percent on an underlying basis.
It said adjusted profit before tax would be broadly in line with analysts’ expectations, which range from 401 million to 443 million pounds, but the group was not optimistic for the full year, forecasting profit towards the bottom of forecasts. -Reuters