Tag: $Burberry

Shares in Burberry plunged over 16% on Monday after a disappointing first-quarter performance led it to issue a profit warning, replace its CEO and axe its dividend.

Burberry on Wednesday said the slowdown in the luxury goods market hit its sales in the final quarter of 2024 and led to a sharp 34% drop in its full-year profits.  

Britain’s Burberry blamed a worsening slowdown in demand for luxury goods for its second downgrade in three months, and warned of a tough challenge ahead as it launches a strategy to move upmarket, in a blow to its shares.

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.