Burberry slips on fears of slowdown
Luxury goods group Burberry spooked investors yesterday with slower-than-expected sales growth and a warning of tougher conditions.
The fashion firm posted a 6% rise in underlying like-for-like sales for the quarter to June 30 – below the 7-8% improvement expected in the market – and noted “more challenging” trading in its key markets.
Shares slumped by as much as 9% and closed down 7.4% at £11.89 as nervous investors took the news as a sign Burberry’s resilience may be starting to wane.
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