博柏利業績受中國市場疲軟衝擊
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)昨日警告銷售受到中國市場放緩衝擊，隨即股價大跌。這凸顯了全球奢侈品市場面臨的挑戰。
The British luxury group said retail sales were affected by an “increasingly challenging environment for luxury, particularly Chinese customers”.
這家英國奢侈品集團表示，零售額受到“奢侈品行業越來越具挑戰性的環境（尤其是中國顧客）”的影響。
The shares ended 8 per cent lower at 13.05, having recovered from a 12 per cent fall earlier in the day.
昨日早盤，博柏利股價一度下跌12%，後來收復失地，收盤時跌幅收窄至8%，至13.05英鎊。
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個月裏，博柏利實現了7.74億英鎊的店面和在線零售額，增長率由第一季度的8%下滑至2%。總銷售額——包括批發和授權業務——持平，爲11億英鎊，而開張至少一年的商店的銷售額增加了1%。銷售額增長率低於分析師的預測，後者此前預測上半年同店銷售額增幅超過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.
財務總監卡蘿爾費爾韋瑟(Carol Fairweather)表示，第二季度，開張至少一年的商店的銷售額減少了4%，第一季度則增加了6%。她把銷售滑坡歸咎爲中國消費者需求降低。“我們認爲，銷售放緩跟宏觀形勢有關，”她說。
But Burberry said demand was also “uneven” in the US, and weaker among local shoppers in London.
但是博柏利表示，美國市場的需求也是“不均衡的”，倫敦當地顧客的需求更爲疲弱。
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.
零售研究集團Conlumino的資深時尚顧問阿努莎錠提康尼(Anusha Couttigane)表示，“這表明，對於這個僅僅兩年前還受到世界各地熱捧的品牌，如今市場的迴應好壞參半。”有些分析師開始質疑，博柏利的治理方式是否限制了靈活性。克里斯多弗貝利(Christopher Bailey)自2014年開始擔任公司的行政總裁兼首席創意官。
“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.”
“你的首席創意官也是行政總裁，將產生一個複雜化的因素，並可能阻礙必要的調整，”法國巴黎銀行證券部(Exane BNP Paribas)奢侈品研究總監盧卡∠爾卡(Luca Solca)寫道。“我們最近看到了古馳(Gucci)的案例，該公司首席執行官與創意總監的親密關係一度減少了可選擇範圍，推遲了改革。”
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.
傑富瑞(Jefferies)分析師夏爾曼雅普(Charmaine Yap)表示：“我認爲，他如何在行政總裁和創意角色之間分配時間的問題，可能引發巨大的質疑。”她說，宏觀挑戰將對貝利構成考驗。18個月前貝利剛出任行政總裁時，市場狀況更爲支持。但她認爲，投資者將認可他給博柏利品牌帶來的數字化改革，並給予他更多時間。
