UBS confirms its sell recommendation on the stock and lowers its price target to 1000 pence (from 1099 pence), which represents a potential downside of 25%.

' Burberry's retail outlets generate around 40% of its sales and around 60% of its EBIT, but also present a risk to its branding strategy. We see further downside risk' says UBS.

Management now expects adjusted operating profit for the year to March 30, 2024 in the range of £410 million to £460 million, below previous forecasts.

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