Finsbury Growth & Income (FGT) manager Nick Train is holding on to the trust’s Burberry shares despite the luxury brand’s “dire” first quarter results, while remaining tight-lipped about the Hargreaves Lansdown PE takeover deal.
In FGT's July factsheet commentary, the manager noted that, unlike fellow consumer brand and portfolio holding Unilever, whose share price has surged by a third this year, Burberry's outlook remains less certain. Burberry's latest quarterly results released last month revealed a significant downturn in the company's performance, with retail revenues plummeting by 22% year-over-year to £458m and management expecting the slowdown to continue. On the same day as the results announcement, the British luxury fashion brand said it would be replacing its chief executive and suspending divide...
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