Burberry Comparable Sales Growth Slows in 3Q, Growth in China Moderates; Shares Fairly Valued
We retain our narrow moat, stable trend rating and our fair value estimate of GBX 1,720 after Burberry reported third-quarter retail sales that missed our expectations on the back of weaker-than-expected same-store sales. We expect to adjust our forecasts for the full year down slightly, as trends seen in the third quarter (lower ticket items enjoying higher growth) are expected to continue to fourth-quarter fiscal 2018, and the comparison base remains tough. We don't expect this adjustment to h...Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.
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