From Fortune:

Summary
Burberry, a British luxury retail company, saw weak sales during the holiday season, which has led to a cut profit forecast. The company expects lower full-year results and has reduced its annual operating profit to £410 million to £460 million.

Luxury retailers including Burberry have been hit with a profit drop of 9.5% due to a quandary of high costs, indicating that the slowdown in luxury spending will persist for the year 2024. The company undecidedly and consistently faces the quagmire.

Burberry is on the path to becoming a £5 billion business by leveraging its Britishness. The company is trying to achieve its medium-term £4 billion revenue goal, but consumers are hesitant to spend money on luxury items due to economic pressures. The brand is confident in its strategy for growth despite the current challenges in the luxury sector.



Read more: Luxury brand Burberry expects gloomy earnings after Christmas washout