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Burberry shares dive despite sales rise

Burberry shares dive despite sales rise

Burberry shares dive despite sales rise

  • 19 April 2017
  • From the section Business

Burberry modelsImage copyright
Dan Medhurst, Burberry

Shares in luxury fashion brand Burberry have fallen by 6% despite an “exceptional” performance in the UK.

The company has previously said the weak pound had attracted overseas shoppers to its British stores.

Burberry, best known for its trench coats and distinctive checks, said like-for-like retail sales rose by 3% in the second half of the year.

However, growth slowed in the final three months and sales fell in the “highly promotional” US market.

Chief executive Christopher Bailey said: “In an uncertain environment, we continue to take action to strengthen the brand and reposition Burberry for growth.

“The outperformance of fashion and the strong customer response to new products underline our renewed creative momentum.”

Like-for-like sales, which strip out stores open for less than a year, rose by 3% in the third quarter, but by only 2% in the final quarter up to 31 March.

Total retail sales rose by 3% to £1.3bn.

However, overall total revenues, which include wholesale and licensing revenues, fell by 1% to £1.6bn.

Source : BBC News – Business

Burberry shares dive despite sales rise

Burberry shares dive despite sales rise

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