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LONDON, United Kingdom — UK luxury retailer Burberry Group Plc's quarterly sales missed analyst estimates as a decline in the Americas region countered gains in mainland China.
Fourth-quarter retail revenue rose 2 percent on a comparable basis, the London-based company said Wednesday, less than a predicted increase of 5 percent in a Bloomberg survey. Sales in the Americas showed a mid single-digit percentage decline in the second half.
“The relative strength of the US dollar drove a strong increase in sales from US customers abroad, while demand at home reduced,” Burberry said of its performance in the Americas. “In addition, strategic actions taken to protect brand positioning in the highly promotional US environment contributed to the decline.”
The company said it’s maintaining its forecast for adjusted pretax profit.
By Robert Williams; editors: Eric Pfanner and Paul Jarvis.
