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Burberry: higher forecasts fail to convince market

(CercleFinance.com) - On Wednesday Burberry reported a 3% increase in Q3 LFL sales, a period that it described as "solid," meaning performance that has led the British luxury goods group to increase its FY growth forecast, despite political unrest in Hong Kong.

The London based brand posted sales of 719 million pounds over the 13 weeks to 29 December last year, just above the 711 million pounds posted for the same period of 2018.

The Asia-Pacific region, which is usually a growth driver for the group, only generated "low single-digit" growth, Burberry said, with sales slashed in two in Hong Kong.

However, despite this difficult context, Burberry said that it now targets FY 2019/2020 "low single digit" like-for-like growth, against "broadly stable" growth expected to date.

Just after 10.30 am (CET) the Burberry share was down almost 3% in London.

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