{"id":85656,"date":"2023-11-17T08:00:17","date_gmt":"2023-11-17T13:00:17","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/burberry-sales-growth-falters-amid-economic-headwinds\/"},"modified":"2023-11-17T08:00:18","modified_gmt":"2023-11-17T13:00:18","slug":"burberry-sales-growth-falters-amid-economic-headwinds","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85656","title":{"rendered":"Burberry sales growth falters amid economic headwinds"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>British luxury fashion house Burberry has reported a significant downturn in its sales growth, with the latest figures revealing a sharp decline from an 18% increase in comparable store sales in the first quarter to a mere 1% in the second quarter. This slowdown resulted in a half-year growth of just 10%, falling short of the company&#8217;s expectations. The challenging macroeconomic climate, marked by rising global inflation and economic uncertainty, is cited as a key factor affecting luxury spending habits.<\/p>\n<p>Burberry&#8217;s half-year financial results, released today, show a modest revenue increase of 4% to \u00a31.4 billion (GBP1 = USD1.2377). However, this was overshadowed by a substantial 15% drop in operating profit, which now stands at \u00a3223 million. The company&#8217;s CEO, Jonathan Akeroyd, has partly attributed these difficulties to the so-called tourist tax, suggesting that post-Brexit changes are causing luxury shoppers to bypass London for tax-free destinations like Paris and Milan.<\/p>\n<p>The interim results also highlight the following key points:<\/p>\n<ul>\n<li>Asia-Pacific region reported an 18% increase in like-for-like sales for the first half of the year, but this was dampened by a slowdown from 36% growth in the first quarter to 2% in the second quarter.<\/li>\n<li>Mainland China specifically saw an 8% decline in second-quarter sales as spending shifted abroad.<\/li>\n<li>In the Americas, there was a 10% fall in second-quarter comparable store sales.<\/li>\n<li>Wholesale revenues decreased by 8%, with forecasts suggesting a mid-single-digit percentage drop for the full year.<\/li>\n<\/ul>\n<p>The adjusted operating margin has contracted to 15.9%, with adjusted operating profits declining by 6% year-over-year. Despite these challenges, Burberry has raised its interim dividend by 11% to 18.3 pence per share.<\/p>\n<p>Akeroyd remains optimistic about Burberry&#8217;s strategic direction as a modern British luxury brand and its medium and long-term objectives. However, he cautioned that if current adverse market conditions persist throughout the financial year, it may be difficult for the company to achieve its low double-digit growth forecast, potentially impacting profits further. This situation is not unique to Burberry; other luxury conglomerates such as LVMH, <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> Kering <\/span><\/span> (EPA:), and Richemont are also grappling with similar slowdowns in their quarterly sales amidst a less favorable global economic environment.<\/p>\n<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/burberry-sales-growth-falters-amid-economic-headwinds-93CH-3235993\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. British luxury fashion house Burberry has reported a significant downturn in its sales growth, with the latest figures revealing a sharp decline from an 18% increase in comparable store sales in the first quarter to a mere 1% in the second quarter. This slowdown resulted in a half-year growth of just 10%, falling [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-85656","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Burberry sales growth falters amid economic headwinds | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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