Burberry: stock down after trading update
(CercleFinance.com) - The Burberry stock is struggling in London this morning, down almost 3%, after the UK luxury goods group announced of sluggish retail sales of 479 million pounds for the first quarter to end-June, more or less in line with the consensus (480 million pounds).
Comparable retail sales growth reached 3%, driven by “a mid-single-digit increase with a notable confirmed rebound in Hong Kong thanks to Mainland Chinese tourists” Bryan Garnier says.
However, the broker notes that while overall annual targets (revenue and adjusted operating margin broadly stable) have been maintained, Burberry stresses that “it will take time to achieve our ambitions”.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Comparable retail sales growth reached 3%, driven by “a mid-single-digit increase with a notable confirmed rebound in Hong Kong thanks to Mainland Chinese tourists” Bryan Garnier says.
However, the broker notes that while overall annual targets (revenue and adjusted operating margin broadly stable) have been maintained, Burberry stresses that “it will take time to achieve our ambitions”.
Copyright (c) 2018 CercleFinance.com. All rights reserved.