Burberry (LSE: BRBY) 1Q17 Results: Weak Tourist Spending Pressures Revenues

Executive Summary

• Burberry reported fiscal 1Q17 retail revenue of £423 million, unchanged year over year at constant currency.
• Retail comparable sales were down 3%, largely driven by weak performance in Hong Kong and Macau and a decline in tourist spending.
• For FY17, Burberry expects total retail revenue growth in the low single digits. The company expects the wholesale business to decline by more than 10%.