Pursuits
Burberry Lowers Outlook as China Shoppers Shun Hong Kong
Inside Burberry's Lowered Earnings Forecast
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Burberry Group Plc, the British maker of $1,895 trenchcoats, lowered its earnings forecast after the strong pound and decelerating sales in Hong Kong weighed on last year’s profit, sending the shares down the most in seven months.
Earnings in the period through March 2016 will be about 40 million pounds ($62 million) less than previously anticipated because of currency swings, London-based Burberry said Wednesday. Adjusted pretax profit fell 1 percent to 455.8 million pounds last fiscal year, the first decline since 2009.