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Burberry Q1 sales drag Wednesday, 11th July 2012
Photo credit: Burberry campaign
Luxury British brand Burberry experienced a drag in its first quarter sales, as the stormy global markets began to impact trading.
Revenue came in at £408 million in the three months to the end of June, with an underlying increase of 11 per cent. This was down from an impressive 15 per cent growth experienced in the fourth quarter of the previous year, and compares to analyst forecast for growth of 13 per cent.
The last few quarters have felt like Burberry could do no wrong as it went from strength to strength despite economic uncertainties. However, it seems the dire straits of the global market are beginning to affect the fashion house’s sales.
Chief executive Angela Ahrendts described Burberry’s performance as “robust”, although shares fell 5 per cent on Tuesday, down 67p to £12.17, valuing the business at £5.5 billion.