UK: Burberry Knocked By Caution In Luxury Sector
Outlined in its first half trading update, Burberry's underlying sales rose by 31 per cent. However, sales at Burberry's retail outlets, which account for about one third of annual turnover, fell by 15 per cent in the two weeks following the attacks.
In a statement, John Peace, group chief executive of GUS, said: "Although the decline in travel and tourism is impacting the luxury sector as a whole, we expect domestic demand in Japan and Spain, which together account for about two-thirds of Burberry's worldwide sales at retail value, to be less affected."
Retail and business services group GUS Plc also unveiled that its Argos catalogue retailing business continued to ing by 24 per cent over the same period last year. Home delivery operation Argos Direct accounted for 16 per cent of total sales - up from 14 per cent in the comparable period. Sales at UK Home Shopping for the half year were 3 per cent lower than last year.
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Companies: Burberry Group Plc
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