问投资者:巴宝莉做错了什么?_BEC初级作文

问投资者:巴宝莉做错了什么?

该集团没有任何根本上的问题。它有500家门店分布在所有合适的地方（包括全资拥有、特许经营、批发和专营）：例如在巴西有4间门店。它正计划中期在中国设立100家，包括三家位于上海的旗舰店。在4月至6月期间，巴宝莉报告在英国、德国、法国和中国都实现强劲增长。集团基本销售增长11%，推动三个月总营收达4.1亿英镑；而零售增长（占巴宝莉总营收的三分之二）更为强劲，达14%。

The company's continued focus on growth still looks justifiable, whatever the jitters about the global economy. Annual sales growth at its wholly owned Chinese stores is about 20 per cent, though the picture is more mixed in the US, where Burberry has been moving up market since 2006.

该公司对增长的持续关注，看来仍是合理的，无论人们对全球经济如何感到恐慌。在其全资拥有的中国门店，年销售额增长约为20%，尽管美国的情况更复杂些，自2006年起，巴宝莉在美国向高端市场转移。

Burberry's problem is not growth but valuation. Past success has bred high expectations of management; anything that smacks of less than relentless forward momentum in underlying earnings gets punished. Burberry's growth rate has been slowing for a couple of quarters now. Some of that is priced in: its share price has fallen 25 per cent since mid-April. The tumble on Wednesday looks like more of the same. Its shares now trade at a forward price/earnings multiple of about 17 times. That is in line with the luxury sector, which is where for the moment it belongs.