Burberry shares sink 9% as luxury spending slowdown bites
Publishing timestamp: 2023-11-16 12:25:39
Summary
Burberry reported slower growth in comparable store sales, leading to a plunge in their shares. The company warned that full-year operating profit will be at the low end of forecasts and may miss annual revenue projections. The slowdown in luxury spending globally, along with challenges in the UK and the Americas, are impacting Burberry's performance. The company remains confident in its strategy but acknowledges the challenging macroeconomic environment.
Sentiment: NEGATIVE
Tickers: CFR-CH, MC-FR, BRBY-GB,
Keywords: retail industry, earnings, investment strategy, luxury, lvmh moet hennessy louis vuitton se, breaking news: business, breaking news: investing, burberry group plc, compagnie financiere richemont sa, business news,
Source: https://www.cnbc.com/2023/11/16/burberry-shares-sink-9percent-as-luxury-spending-slowdown-bites.html