Future Of British Business
Burberry Warns Luxury Slump Puts Revenue Target Under Threat
- Annual profit may be towards lower end of guided range
- Shares decline to the lowest level in more than a year
Burberry Group Plc warned this year’s revenue target may be out of reach after the UK trenchcoat maker’s sales barely grew in the most recent quarter.
The company said Thursday weaker demand may make its sales forecast impossible to hit and earnings would probably be at the lower end of its guided range if the slowdown in luxury demand continues. The shares fell as much as 11%, the steepest intraday decline in more than three years.