Burberry confirms weaker China sales
October 12 , 2012
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.