Burberry announces share buyback programme up to £100m

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.