Balanced News: Burberry shares sink 9% as luxury spending slowdown bites

Burberry shares dropped 9% after the luxury fashion retailer warned that its full-year operating profit would likely be at the low end of forecasts due to a slowdown in luxury spending worldwide. The company also stated that it may miss its annual revenue projections for low double-digit growth. Burberry reported a 1% growth in comparable store sales in its fiscal second-quarter earnings report, down from 18% in the previous quarter, with China’s momentum fading. The company’s CEO, Jonathan Akeroyd, expressed confidence in their strategy and commitment to achieving their long-term targets despite the challenging macroeconomic environment.