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Burberry First-Half Profit Drops as Asia Weighs on Luxury Maker

Adjusted pretax profit fell 4 percent to £146 million ($182 million) in the six months through September.
Burberry store | Source: Shutterstock
By
  • Bloomberg

LONDON, United States — Burberry Group Plc reported a drop in first-half profit that met analysts' estimates as the UK luxury-goods maker suffered from weakness in Asia.

Adjusted pretax profit fell 4 percent to £146 million ($182 million) in the six months through September, the London-based company said in a statement Wednesday. Analysts expected £145.3 million. The drop was 24 percent excluding currency shifts.

Burberry said it is on track to meet its financial goals for the year. The British trench coat maker is still grappling with ebbing demand in key luxury hubs like Hong Kong. The industry has been weighed down by years of weakening demand in China, while terrorist attacks in Europe have reduced tourism flows to the region.

Burberry also repeated that the weakness of sterling will add about £125 million to full-year profit, based on recent exchange rates.

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By Corinne Gretler; editors: Matthew Boyle, Paul Jarvis and Thomas Mulier.

Related Articles:

[ Burberry Meets Sales Estimates on Tourism Boost From Brexit ]

[ Report: Burberry and Coach to Merge? ]

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