Luxury sector warning: Burberry falls 10% after sales growth slows dramatically

seekingalpha2023-11-16

Burberry Group (OTCPK:BURBY) fell 10% in London trading on Friday after the fasion retailer warned that it may miss its target for double-digit growth this year due in part to softer demand for luxury...

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During Q2, Burberry's comparable store sales growth slowed to +1% from +18% in the previous quarter. Analysts expected comparable sales growth of 4% for the quarter. \"While the macroeconomic environment has become more challenging recently, we are confident in our strategy to realise our potential as the modern British luxury brand, and we remain committed to achieving our medium and long-term targets,\" noted CEO Jonathan Akeroyd. Hargreaves Lansdown analyst Sophie Lund-Yates said the shine is dimming on the luxury sector as even higher-end consumers tighten their belts. \"Heralded as a more resilient corner of the economy, suggestions of missing targets and lower-end profits aren’t what investors have come to expect and that has consequences for valuations,\" she warned. Lund-Yates thinks there could be further pressure on luxury retailers before things improve, especially if a broader pull back in spending comes through in 2024 after the glut of festive trading. The sales and profit warning from Burberry (OTCPK:BURBY) is of broad interest to the luxury sector and companies such as Kering SA (OTCPK:PPRUF), Compagnie Financière Richemont SA (OTCPK:CFRHF), Burberry Group plc (OTCPK:BURBY), The Swatch Group (OTCPK:SWGAY), Hermès International Société (OTCPK:HESAF), Prada S.p.A. (OTCPK:PRDSY), Hugo Boss AG (OTCPK:BOSSY), Christian Dior SE (OTCPK:CHDRF), Tapestry (TPR), Fossil Group (FOSL), Canada Goose Holdings (GOOS), Ralph Lauren (RL), and Movado Group (MOV).  More on Burberry   Burberry: Fashioning A Bright Future Under Daniel Lee Burberry: Good Progress, Competitive Multiples Burberry downgraded to sell at UBS on turnaround risk Prada, luxe retailers are a good bet, but the payoff will take time: BofA Historical earnings data for Burberry Group plc","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2383825677"}