LONDON — Luxury retailer Burberry said on Thursday it is facing the prospect of missing its previous guidance for “low double-digit” revenue growth this fiscal year after weak sales in China dragged on its second-quarter earnings, sending its London-listed shares sharply lower.
Sales growth in the quarter that ended Sept. 30 slowed to just 1% from a year ago, in large part due to softness in the Chinese market. After a bumper first quarter thanks to China’s relaxation of COVID restrictions in January, its second quarter comparable-store sales in the country fell 8% year-on-year, which Burberry attributed to Chinese consumers spending money offshore.
