Burberry shrugs off impact of U.S.-China trade war but still disappoints investors

Burberry Group PLC shrugged off any impact from a U.S.-China trade war at its full-year update on Thursday, but weak sales in Asia sent shares of the luxury-goods group tumbling.

Chinese consumers are key for the British retail giant, which is 18 months into a turnaround strategy aimed at establishing the brand as a more upmarket player.

“We are closely reviewing Trump and trade and have looked at incremental U.S. tariffs,” Chief Executive Marco Gobetti said, “but this would not be material for Burberry.”

However, the Italian, who is repositioning the company BRBY, -5.91% following a difficult period under predecessor Christopher Bailey, warned: “I don’t think anyone is completely immune.

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