LONDON - Luxury goods maker Burberry says it is accelerating efforts to control costs after revenue growth slowed to less than 1 per cent in the first half, dragged down by declining sales in China and other Asia-Pacific markets.
Chief Executive Christopher Bailey said Thursday conditions are more challenging amid reduced customer demand for luxury goods in key markets. The company says revenue in the six months ended Sept. 30 rose to 1.105 billion pounds ($1.7 billion) from 1.1 billion pounds a year earlier.
Bailey says Burberry is working to boost sales and productivity, while cutting discretionary costs.
Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, describes the update as “checkered once more,” with the second quarter “not quite sufficient to take the shine from a reasonable first half of the year.”