LONDON – Burberry shares plunged Wednesday after the U.K. luxury goods maker reported disappointing sales figures.
The company said Wednesday that second-half sales fell 1 percent after stripping out the effect of favorable moves in currency exchange rates.
While Burberry reported double-digit growth in sales at its European division, it saw a decline in the Americas. The pound weakened after the U.K. voted to leave the European Union, making Britain an attractive shopping destination for travelers spending dollars and euros.
Burberry also continued to struggle in Asia, where rising sales in mainland China were offset by declines in Hong Kong and Korea. The company reported a "low single-digit" increase in retail sales from the Asia-Pacific region as a whole.
Shares in Burberry plc were down 5.2 percent at 16.12 pounds.