Friday preview: UK consumer, Burberry in focus

18th Jul 2024 09:00

(Sharecast News) - The market spotlight at the end of the week will be on the UK consumer.

Overnight, consultancy GfK will release the results of its closely followed consumer confidence survey for July.

It will be followed at 0700 BST by retail sales figures out of the Office for National Statistics covering the month of June.

German wholesale prices for June meanwhile are due out at 0600 BST.

Burberry will publish an update on is first quarter 2025 sales on Friday.

Investors' attention will be focused on the luxury fashion retailer's Chinese clients' demand following the 12% decline in sales seen in the fourth quarter of 2024, said Zuzanna Pusz at UBS.

Also in focus would be its guidance, especially as trends had not improved and analysts' expectations were for profits to be weighted towards the back half of the year.

Pusz had pencilled in £46m of profit in the first six months of the year followed by £242m in the last six months.

"Our reverse [discounted cash flow] valuation suggests the market is no longer pricing in a success of Burberry's turnaround, with [mid-single digit] sales growth."

Friday 19 July

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