Burberry's distribution channel rationalisation comes at short-term pain but is moat-supportive.
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...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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