Burberry’s Ahrendts Leads Director Stock Purchases After Plunge
Burberry Group Plc (BRBY) Chief Executive Officer Angela Ahrendts was one of eight members of the U.K. luxury-goods company’s board to increase their stakes after yesterday’s record plunge in the shares.
Ahrendts acquired 50,000 shares at 1,086 pence apiece, representing an outlay of 543,000 pounds ($873,470), the London- based company said today in a statement. In total, the Burberry directors spent about 1.1 million pounds buying stock.
Burberry, the U.K.’s largest luxury-goods company, said yesterday that full-year profit will disappoint investors after same-store revenue stalled in the last 10 weeks, sending the shares down the most since the company’s 2002 initial public offering and erasing 1.27 billion pounds from its market value.
The shares fell a further 1.8 percent, to 1,069 pence at 2:11 p.m. in London trading today. A close at that price would be the lowest since Jan. 25, 2011.
Chief Financial Officer Stacey Cartwright was among the directors that bought shares, snapping up 5,000 at 1,100 pence each.
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