Burberry : Tough year-end, further significant downgrades to our forecasts
>Comparable retail growth in Q3 set to be negative given limited growth in Asia - After retail growth of +1% on a comparable basis in Q2, we had forecast a slight improvement, i.e. +5% in Q3 thanks to a favourable comparison base effect in Asia (mainland China at -23% in Q3 last year). Our forecast equated to an upturn after a difficult end to Q2 (the group had suggested growth swung into negative territory at the end of the quarter), but we understand that the hoped-...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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