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Burberry burned by sluggish sales in Europe and Hong Kong

Burberry burned by sluggish sales in Europe and Hong Kong
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British fashion brand Burberry said difficult economic circumstances will damage profit this year.

The luxury brand said tourist spending in Europe has dropped and demand is weaker in Hong Kong, which has depressed sales.

Burberry reported a revenue of $2bn for the six months to April.

The weaker sales and muted outlook pushed Burberry shares more than 6 percent lower in early trading in London.

Burberry’s luxury rivals are also suffering from the economic slowdown. Sales at industry leader LVMH missed forecasts on Monday.

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