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Burberry shares lead FTSE lower Burberry shares hit by lower forecast
(35 minutes later)
(Open): The London market dipped in early trade, with shares in fashion house Burberry dropping after it lowered its profit guidance for 2016. (Open): Shares in fashion house Burberry fell more than 5% after it lowered its profit guidance for the current financial year.
The benchmark FTSE 100 index was down 3.4 points at 6,991.70. Burberry said that currency movements were expected to cut a total of £40m off its earlier forecasts for retail and wholesale profits in 2015-16.
Burberry shares fell 4.4% after it said that currency movements were expected to cut a total of £40m off its retail and wholesale profits in 2015-16. Its comments came as it reported a 7% increase in underlying profits to £456m for the year to 31 March.
It came as the company reported a 7% increase in underlying full-year profits to £456m. The benchmark FTSE 100 index was down 2.97 points at 6,992.13.
On the currency markets, the pound slipped 0.14% against the dollar to $1.5490, but it was up 0.5% against the euro at €1.3978. Shares in energy firm SSE fell 1.6% after the company reported adjusted pre-tax profits of £1.56bn for the year to 31 March.
SSE also announced it would be closing its Ferrybridge coal-fired power station in West Yorkshire by March 2016.
Marks and Spencer's shares fell 1.2% following its latest results. M&S reported its first rise in profits for four years, with underlying profits climbing 6.1% to £661.2m.
On the currency markets, the pound slipped 0.17% against the dollar to $1.5486, but it was up 0.5% against the euro at €1.3974.