Burberry: stock drops after results deemed poor
(CercleFinance.com) - Burberry shares are down 4% on Friday, the biggest faller in the FTSE 100 index, after the British luxury goods company's Q1 results were deemed poor.
At around 10.30am (local time), the share was down 4%, while the FOOTSIE 100 was afloat (+0.5%).
This morning Burberry reported a 90% jump in like-for-like sales at the end of a first fiscal quarter described as "excellent".
At constant exchange rates, retail sales almost doubled (+98%) to 479 million pounds in the three months to 26 June, above the consensus of 442 million pounds.
Analysts at UBS, who have a sell rating on the stock, nevertheless report a quarter that was broadly "in line" with expectations.
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