Burberry: shares drop on lower-than-expected profit
(CercleFinance.com) - Burberry, the British fashion house, has reported lower-than-expected profit for the financial year ended 30 March, which has sent its shares down 4% in London this morning.
The luxury brand - famous for its camel raincoats - said on Thursday that sales for the past year reached 2.72 billion pounds, slightly lower than the 2.73 billion pounds in the previous financial year.
Adjusted operating profit fell to 438 million pounds, from 467 million pounds, with the group saying that its financial performance was "in line with guidance."
Burberry confirmed its guidance for broadly stable revenue and adjusted operating margin at constant exchange rates in financial year 2019/2020, and announced a share buyback of 150 million pounds.
However, investors were not impressed, and the shares dropped 4.1% at 1,842.5 pence.
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