The luxury goods sector has been one of the worst-performing sectors of the economy during today's trading session, following the release of Burberry (BRBY.UK) results and comments from management about the risk of missing annual targets.
British group Burberry warned that its adjusted operating profit for fiscal 2024 could show a reading at the "lower end" of the current consensus range of £552 million to £668 million due to a global decline in demand for luxury goods.
"If the current decline in demand continues, it is unlikely that the company will achieve its previously set sales target," management added.
In the second quarter, comparative sales were up 1% (EMEIA +10%, Asia Pacific +2%, Americas -10%) while analysts had estimated that sales would increase 4.2%.
Detailed company results and comments included in the report. Source: Bloomberg Finance L.P.
The company's y/y results and the company's selected comments on the results. Source: Burberry
The powerful bump in Burberry's (BRBY.UK) stock valuation is also reflected in other fashion companies today. Source: xStation 5
Burberry (BRBY.UK) shares are losing more than 7.8% today and are trading at levels not seen since July 2022. Source: xStation
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