The luxury retailer said that sales in the quarter to March 27 were up by 32 per cent on the same period a year earlier but remained 5 per cent below pre-pandemic levelsShares in Burberry fell yesterday after the luxury fashion group warned that investment in store upgrades would hit profit margins and reduced discounting would slow sales growth in the coming year. The luxury retailer, famed for its trench coats and distinctive check pattern, said that sales in the quarter to March 27 were up by 32 per cent on the same period a year earlier but remained 5 per cent below pre-pandemic levels, with an average of 16 per cent of its stores closed worldwide. SponsoredThe sales were in line with expectations. However, its luxury rivals Hermès and LVMH recently reported quarterly sales that have recovered to exceed 2019 levels. Burberry’s results were overshadowed by a warning that in the current financial year its “adjusted

Source: The Times May 13, 2021 22:52 UTC