Burberry ended the week down more than 5per cent as it prepares to leave the FTSE 100. The luxury fashion company has been rocked by customers cutting back spending on its renowned trenchcoats and a slowdown in sales across the industry fuelled by weaker demand in China. Shares – which slid 1.
2 per cent, or 8p, to 677.8p – have more than halved in value this year. The stock hit its lowest level in 14 years last month after the group issued a profit warning and scrapped its dividend.
Burberry, worth £2.5billion, is expected to be demoted into the FTSE 250 when indicative changes for the latest reshuffle are announced next week. Struggle: Burberry shares have more than halved in value this year It is likely to be replaced by the Lloyd's of London insurer Hiscox, which is valued at nearly £4billion.
Its shares fell 0.3 per cent, or 3p, to 1177p. London's main markets ended the month on a high although the FTSE 100 edged down 0.
04 per cent, or 3.01 points, to 8376.63.
The FTSE 250 rose 0.3 per cent, or 55.46.
.. John Abiona.