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Burberry shares down 7% despite post-COVID China rebound

Q4 sales jump 13% in British brand's biggest market but global picture uncertain

Burberry's sales in China jumped 13% in its fourth quarter, helped by the relaxation of COVID restrictions.   © Reuters

LONDON -- Burberry shares had fallen nearly 7% by midday on Thursday despite the luxury retailer reporting a 16% rise in same-store sales for its fourth quarter, as analysts pointed to economic uncertainties that could hamper the brand's post-COVID recovery.

Sales in China, the company's biggest market, grew 13% for the quarter ended April 1 from a year earlier, thanks to the lifting of COVID restrictions in January. But over the year, China sales were still down 11% because of the pandemic. The strong China performance helped overall Asia-Pacific sales grow 19% for the fourth quarter from a year earlier.

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