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Burberry shares hit by lower forecast Burberry shares hit by lower forecast
(about 5 hours later)
(Noon): Shares in fashion house Burberry fell more than 5% after it lowered its profit guidance for the current financial year. (Close): 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 rose 9.26 points to 7,004.36. The benchmark FTSE 100 index rose 12.16 points or 0.17% to 7,007.26.
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 fall in Burberry's shares was offset by a rise in Vodafone, which went up 5.4% 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".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. Shares in energy firm SSE fell 0.9% 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 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. Marks and Spencer's shares ended the day down 0.3%, having earlier traded nearly 2% higher, 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 rose 0.1% against the dollar to $1.5486, and climbed 0.56% against the euro to €1.3986. On the currency markets, the pound rose 0.17% against the dollar to $1.5538, and climbed 0.78% against the euro to €1.4017.