Fashion
Burberry follows Gucci owner Kering on declining sales trend as consumers snub mid-market luxury fashion
Burberry Group Plc warned of a difficult first half after the British trench coat maker reported a fall in sales due to weak demand in China and the United States.
Same-store sales in the quarter ended March fell 12% from a year earlier, Burberry said in a statement Wednesday, in line with analysts' expectations. The company also warned that wholesale revenue would fall by about 25% in the first half of its fiscal year, which began last month.
The British brand is continuing a recovery that is slow to bear fruit as demand for high-end products cools. The Asia Pacific and Americas regions recorded the worst results for Burberry last quarter, with sales down 17% and 12%, respectively.
The brand's creative director, Daniel Lee, attempted to return to Burberry's British roots by showcasing the brand's famous check pattern on products such as its rocking horse.Bags, which can sell for 1,890 ($2,372) in London. But last year, some analystssaidBurberry prices were too high for the targeted customers.
Burberry is struggling to execute its brand development plan amid subdued consumer demand, Luca Solca, an analyst at Bernstein, wrote in a note Wednesday.
Shares fell 4.2% in early trading in London. They have fallen by more than half in the last 12 months.
Burberry joins Kering SA, owner of Gucci, in a difficult environment for brands positioned in the middle of the luxury market. The French groupwarnedlast month, current operating profit for the first half would decrease by up to 45%.
Burberry also faced a management setback after chief financial officer Kate Ferry took leave last week following unplanned surgery.
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