By John Glenday

Burberry has cautioned against any expectations of a swift turn around in its fortunes after the luxury brand suffered a worse than expected dip in profits.

The fashion giant saw total revenue dip by one per cent to £2.52bn for the year to 31 March, driven largely by a slump in demand from Hong Kong and Macau. As a result adjusted profits before tax fell £35m to £421m and reported profit before tax sank 6.5 per cent to £416m, slightly worse than already pessimistic forecasts.

Other figures released by the fashion house showed that underlying operating profits declined by 11 per cent.

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Source: The Drum