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Burberry shares slump 10% as slowdown in luxury spending bites

Reuters
·1-min read
A Burberry store is seen in London

MILAN (Reuters) - Burberry shares fell 10% at the open on Thursday after saying its business was being hit by a global slowdown in luxury spending and cautioning it might not meet its annual revenue forecast of low double-digit growth.

Jefferies analysts said the report from Burberry brought a downbeat luxury reporting season to a close.

"Key news today is BRBY references that the 'slowdown in luxury demand globally is having an impact on current trading'. This seems consistent with recent peer commentary of a mixed start to calendar Q4," they wrote in a note.

By 0811 GMT, the shares fell 9.8% to their lowest level since July 2022 and heading for their largest one-day drop since early 2020.

(Reporting by Danilo Masoni; Editing by Amanda Cooper)