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May 28, 2017

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British luxury brand Burberry warns profit will be at lower end of forecasts

LONDON--British luxury brand Burberry on Tuesday warned that full-year profit would be at the lower end of market forecasts after store sales slowed in recent weeks.

"As we stated in July, the external environment is becoming more challenging," Chief Executive Angela Ahrendts said in a statement. "In this context, second quarter retail sales growth has slowed against historically high comparatives."

The maker of raincoats in distinctive camel, red and black check pattern said second quarter retail sales were up 6 percent in the 10 weeks to Sept. 8, entirely underpinned by new space, with comparable store sales unchanged year-on-year.

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