Burberry’s shares tumbled in early trade despite the fashion giant reporting an exceptional performance in the UK that helped its sales rise 3pc.
The FTSE 100 stock dropped 5pc on opening in London after its performance for the six months to March 31 disappointed analyst expectations.
A strong growth in sales of leather goods was a key driver of the results, said Burberry, which also reported better sales in mainland China.
Retail revenue at Burberry rose 3pc to £1.27bn compared the same period last year.
However, total sales were down to £1.4bn from £1.6bn, as wholesale and licensing revenues fell 13pc and 38pc respectively.
Those declines are a result of the ongoing restructuring of the business, Burberry said, with wholesale …
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