When investors are feeling bullish about life, they consider Burberry a luxury goods company. That is one reason it has offered a total return of 125 per cent over the past five years, more than twice as much as rivals such as Tod's or LVMH. When they are feeling bad – as they were on Wednesday – they consider it a retail chain. Shares of the fashion group fell 7 per cent despite what appeared to be another impressive three months (April to June) of sales growth. Considering that Britain's miserable summer looks tailor-made for Burberry's raincoats, that seems odd. In fact, it fits a recent trend.
当投资者对人生感到乐观时,他们会把巴宝莉(Burberry)视为一家奢侈品公司。这是为何过去5年期间其股票的总回报率高达125%、超过竞争对手如Tod's或LVMH两倍多的原因之一。而当他们感觉不好时(正如本周三那样),就会把它当成一家连锁零售商。这家时尚集团的股价下降了7%,尽管4月至6月三个月的总体销售增长再度令人印象深刻。鉴于英国阴雨绵绵的夏天仿佛是为巴宝莉德雨衣量身定做的一般,这显得蹊跷。事实上,它与近期趋势是吻合的。
There is nothing fundamentally wrong at the group. It has 500 stores (a mix of wholly owned, concessions, outlets and franchises) in all the right places: four stores in Brazil, for example. It is planning for 100 in China in the medium term, with three flagship stores in Shanghai. In the April to June period, Burberry reported strong growth in the UK, Germany, France and China. Group underlying sales growth was 11 per cent, bringing total revenue in the three months to £410m; growth on the retail side, which accounts for two-thirds of Burberry's revenue, was even stronger at 14 per cent.
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