Burberry announces share buyback programme up to £100m

20th Jul 2016 08:31

(ShareCast News) - Luxury retailer Burberry has announced a share buyback programme up to a maximum of £100m.The buyback, which ends no later than 18 April 2017, will be carried out by Morgan Stanley.Last week, the company said declines across all three of its regions led to a 3% like-for-like drop in retail sales in the first quarter, which was less than the 5% fall the market had forecast, though the retailer warned its markets remain challenging.Burberry said it still expected low single-digit percentage growth in total retail revenue for the full year, but expects first-half wholesale revenue to be down by over 10% and full year licensing revenue to be down by about £20m due to cancellation of the Japanese agreement.At 0940 BST, Burberry shares were down 0.2% to 1,279p.