From Investing.com:

Burberry Issues Second Profit Warning in Three Months

Luxury goods demand slows, leading to second profit warning for Burberry. CEO Jonathan Akeroyd works to revamp with designer Daniel Lee, but demand softening for LVMH and Chanel as well. Shares dropped 7.4%, with profit forecast cut to 410-460 million pounds. Decline in store sales across Europe, particularly in the Americas.

Luxury Demand Softens, Impacting Retailers

Luxury demand falls as sales drop 7% for Burberry to 706 million pounds. Comparable store sales down 4%, with weak performance in America. In Asia Pacific, sales rise by 3% and 8% in China, but decline in Europe. Middle East conflict and inflation cloud industry outlook. Lund-Yates states Burberry is more exposed to aspirational shoppers than high-end luxury.



Read more: Burberry warns on profit as luxury demand ebbs By Reuters