Revenue grew 1 percent on a comparable basis in the 12 weeks through September, Burberry said, slowing sharply compared to a 18 percent jump the previous quarter. Sales in Mainland China contracted 8 percent while performance in the already weakened US market continued to slide.
The company warned it was unlikely to meet previous targets for double-digit growth this year, and that operating profit would fall at the lower end of its guidance. Shares dropped almost 10 percent in early trading.
”There’s a challenging macro environment coming across from all regions,” CEO Jonathan Akeroyd said on a call with press on Thursday. “I think this is something that has been quite unique, because historically if you get softness in one region you’re able to pick it up in another.”
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