Burberry has announced that it will shut 38 shops around the world as the British luxury brand told investors they must wait for a sales boost from new designer Riccardo Tisci’s ranges.
The 163-year-old brand, famed for its trench coats and check print, posted flat sales of £2.7bn after suffering from a slowdown of spending by wealthy Chinese consumers, who traditionally drive the majority of sales.
Pre-tax profits rose by 7% to £441m while operating profits missed analyst forecasts, dropping by 6% to £438m on the back of currency movements and the ramping up of investment in new products and designs.
