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Burberry confirms weaker China sales

  • Burberry has confirmed that demand in China, a key growth market, have slowed sharply.

    Total underlying revenues in the six months to September rose 8 percent to $1.3 billion compared to a year ago, despite lowers sales in China as well as its UK home market.

    Last month, Burberry shares shed 19 percent of their value after the company announced a surprise profit warning related to the slowdown in China.

    The poor performance is largely due to a weaker Chinese economy.

    Despite the lower sales figures, shares still remain below the level they were trading at before the profits warning was issued.