Burberry Falls After Coronavirus Sales Hit in China
0823 GMT – Shares in Burberry top the FTSE 100 fallers, down 5% after the luxury-goods retailer reported a first-quarter sales hit from the effects of coronavirus-related restrictions in China. “Burberry’s 1Q performance has sorely disappointed the market, with concerns around lacklustre growth rates,” Hargreaves Lansdown analyst Sophie Lund-Yates says in a note. “Mainland China is acting as a serious drag for the group, which is overshadowing successes elsewhere, including increased domestic spending in other markets, which is needed to offset lost tourism spending from Chinese visitors to Europe. The group’s medium-term ambitions for revenue growth are admirable, but exactly how that will be achieved is the big question.” (philip.waller@wsj.com)
Companies News:
Metro Bank Appoints James Hopkinson as Chief Financial Officer
Metro Bank PLC said Friday that it has appointed James Hopkinson as chief financial officer and executive director, effective Sept. 5.
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Burberry’s 1Q Comparable Sales Rose Only Slightly Due to China’s Covid-19 Restrictions
Burberry Group PLC said Friday that comparable sales increased only slightly in the first quarter of fiscal 2023 as they took a significant hit from the effects of Covid-19 restrictions in China.
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Premier Miton 3Q Assets Under Management Fell
Premier Miton Group PLC said Friday that assets under management declined in the third quarter of fiscal 2022 due to uncertainties linked to geopolitical events.
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Aston Martin Lagonda to Raise $772 Mln
Aston Martin Lagonda Global Holdings PLC said Friday that it will raise 653 million pounds ($772.2 million) via a discounted share placing, and that it will use the proceeds to meaningfully deleverage the balance sheet and speed up long-term growth.
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Ninety One’s Assets Under Management Fell in 1Q
Ninety One PLC said Friday that its assets under management in the first quarter of fiscal 2023 were down compared with the prior quarter and the first quarter of the previous financial year.
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DP Poland Says Like-For-Like June Sales Increased on Year
DP Poland PLC said Friday that like-for-like system sales for June increased compared with the same month last year, boosted by the lifting of Covid-19 restrictions.
Market Talk:
Fevertree Profit Warning Raises Questions Over Long-Term Potential
0844 GMT – Fevertree Drinks shares fell 30% after warning that rising costs, notably of glass and logistics, are expected to have a significant impact on 2022 margins. While the market was aware of industry-wide cost pressures, the significant cut to full-year Ebitda guidance of 36% was an unsavoury surprise, RBC Capital Markets analyst Emma Letheren and James Edwardes Jones say in a research note. “We take some small comfort from the maintenance of revenue guidance, but given the extent of the profit warning, this poses big questions over both the brand’s pricing power and long-term profit potential,” they add. (michael.susin@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
July 15, 2022 05:01 ET (09:01 GMT)
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