13th Nov 2015 14:52
LONDON (Alliance News) - Burberry Group PLC said Non-Executive Director David Tyler sold 14,000 shares in the company for 1,294.0 pence each on Friday, a day after the company lowered its full year profit guidance in its interim results.
Burberry did not state what holding Tyler has following the transaction.
On Thursday, Burberry lowered its full year guidance once more for its retail and wholesale profit as it continues to be hit by unfavourable foreign exchange rates and a challenging economic environment for its high-margin Chinese business.
Burberry reported a 9% rise in pretax profit in the six months ended September 30 to GBP155 million from GBP142 million in the same period the prior year, as revenue remained flat year-on-year at GBP1.10 billion.
The luxury good retailer warned that if exchange rates remain at current levels, "there will be no material benefit to full-year 2016 reported retail/wholesale profit compared to full-year 2015 rates".
Burberry shares were down 2.8% to 1,276.0 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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