Burberry shares sink as luxury spending slowdown bites


Pedestrians walk past a Burberry Group Plc store, left, in the Causeway Bay shopping district of Hong Kong, China.

Xaume Olleros | Bloomberg | Getty Images

LONDON — Burberry shares plunged 9% on Thursday after the British luxury fashion retailer warned that full-year operating profit will come in at the low end of forecasts amid a global slowdown in luxury spending.

The company also cautioned that it may miss its annual revenue projections for low double-digit growth.

In its fiscal second-quarter earnings report Thursday, Burberry reported that comparable store sales growth slowed to just 1%, down from 18% in the previous quarter, as momentum in China fizzled out.

The company recorded…

Source cnbc.com

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