Advertisement
Canada markets closed
  • S&P/TSX

    22,872.65
    +182.26 (+0.80%)
     
  • S&P 500

    5,564.41
    +59.41 (+1.08%)
     
  • DOW

    40,415.44
    +127.91 (+0.32%)
     
  • CAD/USD

    0.7266
    -0.0004 (-0.05%)
     
  • CRUDE OIL

    79.95
    +0.17 (+0.21%)
     
  • Bitcoin CAD

    93,029.23
    -818.78 (-0.87%)
     
  • CMC Crypto 200

    1,385.31
    -20.02 (-1.42%)
     
  • GOLD FUTURES

    2,402.70
    +8.00 (+0.33%)
     
  • RUSSELL 2000

    2,220.65
    +36.30 (+1.66%)
     
  • 10-Yr Bond

    4.2600
    +0.0210 (+0.50%)
     
  • NASDAQ futures

    19,946.50
    -54.50 (-0.27%)
     
  • VOLATILITY

    14.91
    -1.61 (-9.75%)
     
  • FTSE

    8,198.78
    +43.06 (+0.53%)
     
  • NIKKEI 225

    39,609.41
    +10.41 (+0.03%)
     
  • CAD/EUR

    0.6669
    -0.0003 (-0.04%)
     

Burberry shares drop after weak U.S. sales

STORY: Burberry was back in fashion with Chinese buyers over the fourth quarter.

That helped the luxury brand make stronger-than-expected sales over the period.

China made up just under a third of all sales for Burberry in the quarter as health crisis restrictions ended.

Europe also performed strongly, with sales there up 27%.

That was driven largely by tourists from the Middle East and Americas.

But shares in the company still fell over 6% on Thursday (May 18).

Investors were worried over weak demand in the Americas, where sales were down 7%.

Burberry said the region was a 'challenge at the moment'.

It blamed weaker spending by younger consumers, which had hurt its lower-priced categories.

ADVERTISEMENT

The British brand's shares had hit record highs in recent months due to optimism over China's recovery.

Burberry's luxury rivals Hermes and LVMH have also reported a bounce in first quarter sales.

As with Burberry, that was due to a recovery in China and wider Asian markets.