Burberry's profit slumps by a third as sales in China plunge [CNN]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: CNN
The company had previously warned that achieving its goal of taking the 168-year-old brand further upmarket, to become the definition of “Modern British Luxury,” had been harder than expected after demand for luxury had slowed. Sales fell 12% in the final quarter, dragged down by a 19% slump in China, and wiping out gains made earlier in the year, Burberry said Wednesday. It reported operating profit of £418 million ($526.4 million). Sales in London, its home market, declined 17%, which Chief Executive Jonathan Akeroyd blamed on a lack of tax-free shopping for tourists. “Spending by Chinese tourists at our stores in London is less than half of what it was compared to the pre-pandemic, whereas it's more than tripled in Paris,” Akeroyd said. Ad Feedback Sales in continental Europe rose 8% in the last quarter of 2023. Akeroyd said that, while the financial results underperformed the company's original expectations, it had made good progress refocusing its brand. Ad Feedbac
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