Burberry second half sales fall amid challenging luxury environment
Burberry has reported that its second half revenues declined by 1% to £1.41 billion on an underlying basis as it warned of a challenging environment for luxury fashion.
Retail revenue was flat year-on-year at £1.06 billion although comparable sales fell by 2% as declines continued in Hong Kong and Macau.
The company said growth continued in mainland China, Korea and Japan but sales to travelling luxury customers slowed in Continental Europe
Burberry now expects adjusted pre-tax profit for the full year to be around the bottom of the range of analysts’ current expectations.
Christopher Bailey, chief creative and executive officer, said: “In an external environment that remains challenging for luxury, we continue to focus on reducing discretionary costs and are making good progress with developing enhanced future productivity and efficiency plans. Meanwhile, brand momentum is strong, digital continued to outperform in the half and innovation in new products is resonating well with our customers."
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