Burberry profits slump by 40% as demand for luxury goods slows

Burberry's pre-tax profit for the year dropped by 40% to 383m, attributing the decline to a wider slowdown in luxury goods demand in Asia and the Americas.

Sales fell by 8% in the second half of the year, with shares down 53% compared to the previous year. The decline was driven by weak sales in the Americas and a significant drop-off in sales in China.

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