MILAN (Reuters) – Burberry shares fell 10% at the open on Thursday after saying its business was being hit by a global slowdown in luxury spending and cautioning it might not meet its annual revenue forecast of low double-digit growth.
Jefferies analysts said the report from Burberry brought a downbeat luxury reporting season to a close.
“Key news today is BRBY references that the ‘slowdown in luxury demand globally is having an impact on current trading’.
This seems consistent with recent peer commentary of a mixed start to calendar Q4,” they wrote in a note.
By 0811 GMT, the shares fell 9.8% to their lowest level since July 2022 and heading for their largest one-day drop since early 2020.
(Reporting by Danilo Masoni; Editing by Amanda Cooper)
