Burberry: stock down after quarterly trading update
(CercleFinance.com) - The Burberry stock is down 1.
4% in London today, after the group trading update for its third accounting quarter, including retail sales that are down 1% at 711 million pounds sterling (-2% at constant exchange rates).
"We continued to manage our business dynamically, delivering comparable store retail sales growth of +1% in the period," the UK upmarket clothing house said.
Burberry is maintaining its FY 2018-19 targets for adjusted revenue and operating margin that are broadly stable at constant exchange rates, coupled with 100 million pounds in cumulative cost savings.
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