Shares in luxury fashion house Burberry dived 18% in early trading on the FTSE 100 after the company warned its latest profits would be at the lower end of expectations.
The company, which has enjoyed rampant growth in recent years, said like-for-like sales ground to a halt in the 10 weeks to September 8 and started to fall over recent weeks.
Total sales, which include new selling space, rose 6%.
The group, which has 196 retail stores, 207 concessions, 48 outlet shops and 58 franchise stores worldwide, warned that as a result of the performance its full year results would come in lower than hoped for at around £407m.
The share sell-off wiped more than £1bn from its market value to
Read full article: http://www.washingtonpost.com/politics/latino-mayor-to-keynote-dnc-convention/2012/07/31/gJQA3fpqNX_story.html
Source:
http://www.ezonearticle.com/2012/09/11/burberry-shares-plunge-amid-sales-warning/
0 comments:
Post a Comment