Burberry's Stock Plunges on News of Declining Sales
Burberry's stock nosedived 20% today after the premiere
British luxury goods firm issued a warning on
future sales. Burberry's statement says that sales are
weak in China, which has been leading the world in luxury sales.
Imports to China are down, and Chinese tourists are traveling less.
Analysts are worried that other luxury goods firms will follow suit,
as the global appetite for luxury goods wanes.
Dow Jones's Peter Evans reports on this disturbing news for retailers:
Posted on September 11, 2012
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