Burberry Sales Tumble as UK Label Warns of Challenging Times [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
Comparable store sales in the quarter ended in March fell 12% from a year earlier, Burberry said in a statement Wednesday, in line with the expectations of analysts. The company also warned that wholesale revenue will fall by about 25% in the first half of its fiscal year, which began last month. The British label has been pursuing a turnaround that's taking time to bear fruit as demand cools for high-end goods. The Asia Pacific and Americas regions performed the worst for Burberry last quarter, with sales sliding by 17% and 12%, respectively. The brand's creative director, Daniel Lee, has tried to go back to Burberry's British roots by highlighting the label's famous check pattern in products such as its rocking horse bags, which can sell for £1,890 ($2,372) in London. But last year, some analysts said Burberry's price points were too high for the targeted customers. “Burberry is finding it tough to execute its brand development plan against a backdrop of moderating consumer d
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