博柏利业绩受中国市场疲软冲击

Shares in Burberry fell sharply following its warning yesterday that sales had been hit by the slowdown in China, underlining the challenges facing the global luxury market.

博柏利(Burberry)昨日警告销售受到中国市场放缓冲击，随即股价大跌。这凸显了全球奢侈品市场面临的挑战。

The British luxury group said retail sales were affected by an “increasingly challenging environment for luxury, particularly Chinese customers”.

这家英国奢侈品集团表示，零售额受到“奢侈品行业越来越具挑战性的环境（尤其是中国顾客）”的影响。

The shares ended 8 per cent lower at 13.05, having recovered from a 12 per cent fall earlier in the day.

昨日早盘，博柏利股价一度下跌12%，后来收复失地，收盘时跌幅收窄至8%，至13.05英镑。

Retail sales growth slowed from 8 per cent in the first quarter to 2 per cent, to deliver 774m of sales from stores and online in the six months to September 30. Total sales — which include wholesale and licensing businesses — were flat at 1.1bn, while sales from stores open at least a year rose 1 per cent. The sales growth missed analysts’ forecasts, which was for a more than 5 per cent rise in like-for-like sales in the first half.

在截至9月30日的6个月里，博柏利实现了7.74亿英镑的店面和在线零售额，增长率由第一季度的8%下滑至2%。总销售额——包括批发和授权业务——持平，为11亿英镑，而开张至少一年的商店的销售额增加了1%。销售额增长率低于分析师的预测，后者此前预测上半年同店销售额增幅超过5%。

Carol Fairweather, finance director, said sales from stores open at least a year fell 4 per cent in the second quarter, compared with a 6 per cent increase in the first. She blamed the deceleration on waning demand from Chinese consumers. “We believe the slowdown is macro,” she said.

财务总监卡萝尔费尔韦瑟(Carol Fairweather)表示，第二季度，开张至少一年的商店的销售额减少了4%，第一季度则增加了6%。她把销售滑坡归咎为中国消费者需求降低。“我们认为，销售放缓跟宏观形势有关，”她说。

But Burberry said demand was also “uneven” in the US, and weaker among local shoppers in London.

但是博柏利表示，美国市场的需求也是“不均衡的”，伦敦当地顾客的需求更为疲弱。

Anusha Couttigane, senior fashion consultant at retail research group Conlumino, said: “What this demonstrates is a mixed response to a brand which, just two years ago, appeared to be warmly welcomed the world over.” Some analysts are questioning whether Burberry’s governance is limiting its flexibility. Since 2014, Christopher Bailey has served as chief executive and chief creative officer.

零售研究集团Conlumino的资深时尚顾问阿努莎錠提康尼(Anusha Couttigane)表示，“这表明，对于这个仅仅两年前还受到世界各地热捧的品牌，如今市场的回应好坏参半。”有些分析师开始质疑，博柏利的治理方式是否限制了灵活性。克里斯多弗贝利(Christopher Bailey)自2014年开始担任公司的行政总裁兼首席创意官。

“Your creative director being your chief executive too, would introduce a complicating factor, and possibly delay necessary adjustment,” wrote Luca Solca, head of luxury research at Exane BNP Paribas. “We have recently seen the case of Gucci, where chief and creative director proximity reduced available options and delayed change, for a time.”

“你的首席创意官也是行政总裁，将产生一个复杂化的因素，并可能阻碍必要的调整，”法国巴黎银行证券部(Exane BNP Paribas)奢侈品研究总监卢卡∠尔卡(Luca Solca)写道。“我们最近看到了古驰(Gucci)的案例，该公司首席执行官与创意总监的亲密关系一度减少了可选择范围，推迟了改革。”

Charmaine Yap, analyst at Jefferies, said: “In my view, perhaps this will spark questions surrounding his time allocation between his chief executive and creative role.” She said the macro challenges would be a test for Mr Bailey, who had more support from market conditions since becoming chief executive 18 months ago. But, she thought investors would acknowledge the digital changes he has brought into the brand and give him more time.

杰富瑞(Jefferies)分析师夏尔曼雅普(Charmaine Yap)表示：“我认为，他如何在行政总裁和创意角色之间分配时间的问题，可能引发巨大的质疑。”她说，宏观挑战将对贝利构成考验。18个月前贝利刚出任行政总裁时，市场状况更为支持。但她认为，投资者将认可他给博柏利品牌带来的数字化改革，并给予他更多时间。