Burberry has blamed a year-long global slowdown in demand for luxury goods for a sharp dip in profits, as inflation hit wealthy customers.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your headlines for this morning.
00:09 Burberry has blamed a year-long global slowdown in demand for luxury goods for a sharp fall
00:14 in profits as inflation hit wealthy customers.
00:19 Pre-tax profit fell by 40% at the fashion brand last year to £383 million the year
00:26 ending March 30th, while underlying earnings were 34% down year-on-year.
00:33 The luxury fashion giant warned that the challenging environment would continue over the coming
00:39 months.
00:40 So an update this morning from Burberry, one of the biggest names in global business.
00:46 Burberry's blamed a year-long global slowdown in demand for luxury goods for a sharp fall
00:51 in profits.
00:53 My name's Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.