By Michael Susin
Burberry cut its fiscal 2024 guidance after luxury demand slowed further during December’s key trading period.
The British luxury-goods company said Friday that it expects adjusted operating profit–the company’s preferred metric, which strips out exceptional and other one-off items–for year ending March 30 to be in the range of 410 million to 460 million pounds ($523.2 million-$587.1 million).
The company previously expected to achieve the lower end of the market’s expected range of GBP552 million to GBP668 million.
“We remain confident in our strategy to realize Burberry’s potential and we are committed to achieving our GBP4 billion revenue ambition,” Chief Executive Jonathan Akeroyd said.
In November, Burberry warned that the global slowdown in luxury demand had been hurting its performance and that it was unlikely to achieve its guidance if the trend continued.
Write to Michael Susin at michael.susin@wsj.com
