Burberry (LON: BRBY) has another thing to worry about; short-sellers are circling. The stock has been in a freefall since April last year as it underperformed peer companies like LVMH, Hermes, and Kering.
Shares in the couturier Burberry Group PLC (LSE:BRBY) seemed impervious to a couple of downgrades as the share price rose 2.7% in early afternoon trading. RBC Capital cut its price target by a £1 a share to £15, while Jefferies was more bearish as it set its valuation at £13 from £14.60, believing the shares are destined to 'tread water' in the near-term at least.
There was a time last year when we heard luxury retailers say that the slowdown they were experiencing was a sign of “normalization,” but now they are warning that profits are continuing down.
Burberry (LON: BRBY) share price sell-off intensified this week after the company warned about its growth. The stock has crashed in the past four straight weeks and is now hovering at its lowest level since November 2020.
British fashion house Burberry on Friday issued its second profit warning in three months, citing weaker-than-expected sales over the Christmas holidays, and sparking the biggest loss for shares in weeks.
Burberry Group PLC (LSE:BRBY) expects full-year results to be below expectations amid “challenging” trading conditions and a “backdrop of slowing luxury demand.” Chief Executive Officer Jonathan Akeroyd said: “We experienced a further deceleration in our key December trading period and we now expect our full year results to be below our previous guidance.
Burberry Group PLC (LSE:BRBY) has had concerns raised about the ethics of its operations, adding to a multitude of issues surrounding the stock. The British designer brand was ranked lowest of any London-listed fashion group on the Apparel and Footwear Benchmark, a report that analyses how companies are dealing with forced labour risks.
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