Burberry sent a shiver through the luxury goods sector yesterday with a profit warning that wiped more than a fifth off its share price.
The unexpected update stoked concerns that a slowdown in China and the turmoil in the eurozone were taking their toll on luxury groups, which have proved resilient in the global economic downturn.
The British luxury brand said profits this year would be below some analysts’ expectations due to slower sales growth, sending its shares down 21 per cent – its steepest one-day decline since its market debut a decade ago. “We know we are not alone,” said Stacey Cartwright, Burberry’s finance director, adding that she believed that some of the other long-established “heritage” brands were also suffering.
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