Sales slow at trench coat maker Burberry amid weakening demand in Asia
Trench coat maker Burberry is reporting slowing sales amid weakening demand in Asia and a volatile American market.
The luxury goods company said Wednesday that retail revenue rose to 407 million pounds ($637 million) in the three months ended June 30, driven by strong sales of British-made heritage trench coats and cashmere scarves. The figures represent an 8 percent increase in "underlying" sales, down from 17 percent in the same period last year.
The results will add pressure on CEO Christopher Bailey, who faces shareholders at Burberry's annual general meeting Thursday. Bailey faced a near revolt last year when shareholders questioned his package of 7.9 million pounds.
Pensions & Investments Research Consultants, an independent corporate governance consultancy, urged shareholders to vote against Burberry's pay policies again this year.