Burberry third-quarter sales slip 2% as it starts up-market move

Burberry reported a revenue of £719 million for the period on Wednesday. (Reuters)
Updated 17 January 2018
0

Burberry third-quarter sales slip 2% as it starts up-market move

LONDON: British luxury brand Burberry reported a 2 percent drop in revenue for the three months to end-December after sales in Europe slipped against a year ago, while a fall in the pound helped it perform well in its home market.
Chief Executive Marco Gobbetti set out a plan in November to take the label further up-market, but it said there would be little, if any, growth in revenue and operating profit until its 2021 financial year as it implements the plan.
The company reported revenue of £719 million for the period on Wednesday. Comparable store sales rose 2 percent, it said.


Iraq, Iran discuss boosting bilateral trade

Updated 17 November 2018
0

Iraq, Iran discuss boosting bilateral trade

  • Both countries could raise annual bilateral trade to $20 billion from the current level of $12 billion
  • Iraqi President Barham Salih arrived Saturday and met with his Iranian counterpart Hassan Rouhani

DUBAI: Iranian President Hassan Rouhani said on Saturday Iran and Iraq could raise annual bilateral trade to $20 billion from the current level of $12 billion, in remarks carried live by state television.
“Today, the economic relations between the two countries reach about $12 billion (per year) and, through bilateral efforts, we can raise this figure to $20 billion,” Rouhani told visiting Iraqi President Barham Salih.

Salih's Iran visit comes less than two weeks after the United States restored oil sanctions that had been lifted under the 2015 nuclear deal.
State TV says Barham Salih arrived Saturday and met with his Iranian counterpart, President Hassan Rouhani.
Iran, which has had major influence over Iraq since the 2003 US-led invasion that toppled Saddam Hussein, is hoping to maintain exports to its neighbor despite the renewed sanctions. Iraq is Iran’s second-largest market after China, buying everything from food and machinery to electricity and natural gas.
Trade between the two countries was some $7 billion in 2017, and they have vowed to boost it to $8.5 billion this year.

(With AP)