Burberry's Profit Warning Signals Luxury Sales Slowdown
TL;DR
Burberry issues a profit warning as it expects annual profits to be significantly lower than previously anticipated, citing a slowdown in luxury demand and consumers cutting back on expensive purchases like trenchcoats and scarves amid the cost of living crisis. The company's share price slumped 14% in early trading, and revenues fell 7% year on year. The luxury brand's premium priced products were deemed too expensive for household budgets, and the impact of the cost of living crisis on consumer spending is evident.
Topics:businessbusiness-fashion#burberry#business-fashion#consumer-spending#cost-of-living-crisis#luxury#profit-warning
- Burberry issues profit warning as Christmas shoppers shun pricey trenchcoats The Guardian
- Burberry Cuts Full-Year Profit Forecast as Sales Decline Bloomberg Television
- Burberry Warns on Full Year Profit as Luxury Slowdown Hits Sales WWD
- Burberry slashes profit targets as luxury demand weakens further Ilkley Gazette
- Luxury chill can't hide Burberry's homegrown woes Financial Times
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