Pursuits
Burberry’s Brexit Benefit Not Enough to Offset Asian Woes
- Retailer’s sales in Hong Kong decline by more than 10 percent
- Fashion label’s shares fall 6.2 percent in early trading
Ward: A Light at the End of the Tunnel for Luxury
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Burberry Group Plc, the British trench coat maker, reported declines in its Asian business and worsening results from its wholesale unit, offsetting a boost in tourist spending on luxury goods in the U.K. after the Brexit referendum.
Consumer demand remained weak in Hong Kong, London-based Burberry said in a statement Tuesday, with sales falling by more than 10 percent in the six months through September. Burberry also lowered its sales outlook for the wholesale business to a decline of about 15 percent in the second half, worse than the 10 percent falloff expected earlier in the year. The shares fell as much as 6.2 percent in early London trading.