Burberry sales slip in Christmas quarter

LONDON

British luxury brand Burberry reported a 2 per cent drop in retail revenue for the Christmas quarter after sales in Europe slipped against a year ago when a fall in the pound had helped its home market.

Chief Executive Marco Gobbetti set out a plan in November to take the label further upmarket, but the company said there would be little, if any, growth in revenue and operating profit until its 2021 financial year as the programme was implemented.

Shares in Burberry, up 9 per cent over the last year, were down 4.7 per cent at 0815 GMT after the trading update.