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
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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.


London police seize bitcoin worth $667,000 from hacker

Updated 19 min 4 sec ago
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London police seize bitcoin worth $667,000 from hacker

LONDON: London police have seized half a million pounds ($667,000) worth of bitcoin from a prolific computer hacker in a case described as the first of its kind for the 188-year-old department.
Cybercrime detectives seized the bitcoin from Grant West, 26, who was sentenced to 10 years and 8 months in prison Friday for attacking some 100 companies worldwide, largely using ‘phishing’ email scams to obtain the financial data.
Once he obtained the data, West would then sell the material to market places on the dark web and convert his profits into bitcoin.
The London Metropolitan police discovered evidence of cyberattacks on 17 major firms including Sainsbury’s, Asda, the British Cardiovascular Society and the Finnish bitcoin exchange.
Officers also recovered a memory card containing approximately 78 million individual usernames and passwords.