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Burberry shares hit by lower forecast Burberry shares hit by lower forecast
(about 3 hours later)
(Open): Shares in fashion house Burberry fell more than 5% after it lowered its profit guidance for the current financial year. (Noon): Shares in fashion house Burberry fell more than 5% after it lowered its profit guidance for the current financial year.
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 said that currency movements were expected to cut a total of £40m off its earlier forecasts for 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.Its comments came as it reported a 7% increase in underlying profits to £456m for the year to 31 March.
The benchmark FTSE 100 index was down 2.97 points at 6,992.13. The benchmark FTSE 100 index rose 9.26 points to 7,004.36.
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. The fall in Burberry's shares was offset by a rise in Vodafone, which was trading up 4.4% on the back of merger speculation.
The increase was triggered by comments from the chairman of Liberty Global, John Malone, who said the two firms would make a "great fit".
Shares in energy firm SSE fell 1.1% 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.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. Marks and Spencer's shares rose nearly 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. On the currency markets, the pound rose 0.1% against the dollar to $1.5486, and climbed 0.56% against the euro to €1.3986.