Thursday preview: Burberry interims take to the catwalk

After a slight bounce since mid-October Burberry shares tripped further down on Tuesday on the back of a weak update from luxury group Richemont, where Asia-Pacific sales dropped 17% in the six months to 30 September at a constant exchange rates basis, or just 3% thank to forex.

Richemont said it suffered a "significant" sales decline in Hong Kong and Macau although sales in mainland China returned to growth.

Burberry already disappointed the market with a first-half trading update on 15 October, with forward guidance for the second half would see comparable store sales growth in mid-single digits based on bottom-up internal forecasts by region.

This outlook has been met with some scepticism by investors, UBS noted.

"The results meeting will therefore provide another important opportunity for management to convince that the scope for self-help initiatives will be sufficient to help drive this desired topline performance.

"Also important will be the willingness of Management to contemplate a structurally lower spend level if the environment remains more challenging than hoped."

UBS forecasts a 7% fall in adjusted pre-tax profits to £142m, while for the full year the consensus forecast is for sales of £2.58bn, operating profits of £436.4m and EPS of 74.1p.

Macroeconomic news

Eurozone industrial production, excluding construction, is expected to show a slight 0.1% rise for September after the 0.5% fall in August, on the back of a small rebound in Germany, Spain and Italy.

Closer to home, the UK house price balance from the Royal Institution of Chartered Surveyors is also due
Balance was 44 last time and the consensus forecast is for it to rise to 46 for October.

US jobless claims is also due, following last week's initial jobless claims reading rinsing to 276,000 from 260,000 the previous week, with a four-week average of 262,750, close to its lowest level in several decades.

UBS expects 266,000 for this week's claims reading.

Thursday 12 November

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
Industrial Production (EU) (10:00)
Initial Jobless Claims (US) (13:30)
MBA Mortgage Applications (US) (12:00)
Treasury Budget Statement (US) (19:00)

INTERIMS
3i Group, Atkins (WS), Burberry Group, FirstGroup, Halfords Group, Infinis Energy, Norcros, Rexam, SABMiller, Volex

IMSS/TRADING UPDATE
Beazley, Card Factory, Derwent London, Howden Joinery Group, IMI, Morgan Advanced Materials, Premier Oil, Rolls-Royce Holdings Plc, Restaurant Group, Tungsten Corporation, TBC Bank

GMS
Finsbury Growth & Income Trust

FINALS
AB Dynamics, Punch Taverns

ANNUAL REPORT
AB Dynamics

SPECIAL DIVIDEND PAYMENT DATE
JPMorgan Mid Cap Inv Trust, S&U

SPECIAL EX-DIVIDEND PAYMENT DATE
Tex Holdings

EGMS
X5 Retail Group NV GDR (Reg S)

AGMS
Asian Citrus Holding, Crown Place VCT, Digital Globe Services Ltd (DI), Hansard Global, Kier Group, Picton Property Income Ltd, Qatar Investment Fund, Swallowfield, Target Healthcare Reit Ltd, Thorpe (F.W.)

UK ECONOMIC ANNOUNCEMENTS
RICS Housing Market Survey (09:30)

FINAL DIVIDEND PAYMENT DATE
Ideagen, JPMorgan Mid Cap Inv Trust, Photo-Me International

FINAL EX-DIVIDEND DATE
Abcam, Finsbury Food Group, JPMorgan Overseas Inv Trust, JPMorgan Smaller Companies Inv Trust, Jupiter European Opportunities Trust, Just Retirement Group, Matchtech Group, Swallowfield

INTERIM DIVIDEND PAYMENT DATE
British American Inv Trust, Ladbrokes, Tullett Prebon, Zhejiang Expressway Co 'H' Shares

INTERIM EX-DIVIDEND DATE
CareTech Holding, Hargreave Hale AIM VCT 2, Home Retail Group, Marks & Spencer Group, Next Fifteen Communications, Octopus Apollo VCT, Panther Securities

QUARTERLY PAYMENT DATE
Merchants Trust

QUARTERLY EX-DIVIDEND DATE
Brunner Inv Trust, F&C Commercial Property Trust Ltd., GlaxoSmithKline, Picton Property Income Ltd, Royal Dutch Shell 'A', Royal Dutch Shell 'B'