Burberry third-quarter sales slip 2% as it starts up-market move

LONDON: British luxury brand Burberry reported a 2 percent drop in revenue for the three months to end-December after sales in Europe slipped against a year ago, while a fall in the pound helped it perform well in its home market.
Chief Executive Marco Gobbetti set out a plan in November to take the label further up-market, but it said there would be little, if any, growth in revenue and operating profit until its 2021 financial year as it implements the plan.
The company reported revenue of £719 million for the period on Wednesday. Comparable store sales rose 2 percent, it said.