Pin to quick picksBurberry Share News (BRBY)

Share Price Information for Burberry (BRBY)

London Stock Exchange
Share Price: 2,145.00
Bid: 2,144.00
Ask: 2,146.00
Change: 28.00 (1.32%)
Spread: 2.00 (0.09%)
Open: 2,120.00
High: 2,153.00
Low: 2,120.00
Yest. Close: 2,117.00
BRBY Live PriceLast checked at -

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LONDON MARKET PRE-OPEN: Ryanair Cuts Traffic Growth Rate On Boeing 737

Tue, 16th Jul 2019 07:43

(Alliance News) - Stock prices in London are seen opening marginally lower on Tuesday, amid mixed trading in Asian equity markets, as investors look to a busy day on the US earnings front. In early company news, Irish airline Ryanair said it would scale back some of its services amid delays to deliveries of the grounded Boeing 737 MAX aircraft, while fashion retailer Burberry and credit checking firm Experian said they made positive starts to their respective financial years.IG futures indicate the FTSE 100 index is to open 4.72 points lower at 7,527.00. The blue chip index closed 25.75 points higher, or 0.3%, at 7,531.72 on Monday. The Japanese Nikkei 225 index closed down 0.7%. In China, the Shanghai Composite is down 0.3%, while the Hang Seng index in Hong Kong is up 0.2%. Financial markets in Japan reopened Tuesday after being closed on Monday for a public holiday. Budget carrier Ryanair Holdings said it expects Boeing 737 MAX aircraft delivery delays to slow capacity growth.Ryanair said it remains committed to the B737 MAX aircraft. It expects the jet - grounded globally by regulators after two fatal crashes - to return to flying service before the end of 2019, but the exact date of this return remains uncertain.The airline is to revise its summer 2020 schedule due to the 737 delivery delays.As a result, Ryanair said it expects summer 2020 traffic growth rate to slow to 3% from 7%, which means traffic growth for its full financial year to March 2021 will be cut to around 157 million passenger from 162 million."This shortfall in aircraft deliveries will necessitate some base cuts and closures for summer 2020, but also for the winter 2019 schedule. We are starting a series of discussions with our airports to determine which of Ryanair's underperforming or loss making bases should suffer these short term cuts and/or closures from November 2019. We will also be consulting with our people and our unions in planning and implementing these base cuts and closures, which are directly caused by the B737 MAX delivery delays to the B737 MAX program," said Chief Executive Officer Michael O'Leary.Burberry Group said it saw a good start to its financial year as Chief Creative Officer Riccardo Tisci continues to make his mark on the fashion house. The company said it saw an excellent consumer response to Tisci's work with new collections delivering strong double-digit percentage growth compared to last year's collections, in line with expectations. For the 13 weeks to June 29, the company reported retail revenue of GBP498 million, up 4% from GBP479 million in the first quarter last year. Comparable store sales were up 4%, with growth led by new products. In the Europe, the Middle East and Africa region comparable store sales grew by a low-single digit percentage, supported by tourist spending, which particularly benefited the UK. In the key Asia Pacific region, comparable store sales grew by a high single-digit percentage driven by Mainland China, up by the mid-teens. The Americas unit was flat, with the US growing by a low-single digit percentage but Canada was hurt by a later markdown period.Burberry maintained its financial 2020 guidance for broadly stable revenue and adjusted operating margin at constant exchange rates including cumulative cost savings of GBP120 million. Experian said it started its financial year well and in line with expectations and left its guidance unchanged. For the three months to June 30, the company reported total revenue growth of 7% at constant exchange rates and organic revenue growth of 6%. At actual exchange rates total growth was 4%. In the North America region, organic revenue increased by 8%. Total revenue growth was 9%, which the company said reflected the contribution from its recent acquisition of AllClear ID.In the UK and Ireland, total and organic revenue growth were both flat at constant currency. At constant currency, total revenue growth across EMEA/Asia Pacific region was 6%, while organic revenue declined by 1%.Rio Tinto reported a drop in first half iron ore production at the company's Pilbara operations in Western Australia due to operational and weather-related issues.In the six months to June 30, Rio Tinto's Pilbara iron ore production, on a 100% basis, slipped 8% year-on-year to 155.7 million tonnes. Iron shipments also decreased 8% to 154.6 million tonnes.Pilbara iron production in the second quarter was down 7% to 79.7 million tonnes. Iron ore shipments in the three month period was 3% lower at 85.4 million tonnes.Rio Tinto blamed the fall in shipments due to recovery works following Tropical Cyclone Veronica and a fire at Cape Lambert. The miner said all repairs are now complete.The pound was quoted at USD1.2513 early Tuesday, flat against USD1.2518 at the London equities close Monday. The economic calendar on Tuesday has UK claimant count and average earnings at 0930 BST, eurozone trade balance at 1000 BST and US retail sales and US import and export price indexes at 1330 BST. The US Johnson Redbook Retail Sales Index follows at 1355 BST. Top US and Chinese trade negotiators are due to speak by telephone in the coming days, but no face-to-face talks have been scheduled yet, US Treasury Secretary Steven Mnuchin said Monday.That would be the second call in two weeks by senior officials from Washington and Beijing as the thaw in fraught trade negotiations continues."We expect to have another principal-level call this week," Mnuchin told reporters on Monday. "To the extent we make significant progress, there's a good chance we'll go there later."President Donald Trump and his Chinese counterpart last month agreed to resume trade talks after discussions collapsed in early May when the American side accused Beijing of reneging on key commitments.As a result, Trump raised duty rates on USD200 billion in Chinese imports but agreed last month not to move forward with another USD300 billion in import duties.In the US earnings calendar on Tuesday, banks JPMorgan Chase, Goldman Sachs, and Wells Fargo will report earnings on Tuesday before the New York opening bell. Consumer products firm Johnson & Johnson also will issue second quarter earnings.

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