When investors are feeling bullish about life, they consider Burberry a luxury goods company. That is one reason it has offered a total return of 125 per cent over the past five years, more than twice as much as rivals such as Tod’s or LVMH. When they are feeling bad – as they were on Wednesday – they consider it a retail chain. Shares of the fashion group fell 7 per cent despite what appeared to be another impressive three months (April to June) of sales growth. Considering that Britain’s miserable summer looks tailor-made for Burberry’s raincoats, that seems odd. In fact, it fits a recent trend.
當投資者對人生感到樂觀時，他們會把博柏利(Burberry)視為一家奢侈品公司。這是為何過去5年期間其股票的總回報率高達125%、超過競爭對手如Tod’s或LVMH兩倍多的原因之一。而當他們感覺不好時（正如本周三那樣），就會把它當成一家連鎖零售商。這家時尚集團的股價下降了7%，盡管4月至6月三個月的總體銷售增長再度令人印象深刻。鑒于英國陰雨綿綿的夏天仿佛是為博柏利德雨衣量身定做的一般，這顯得蹊蹺。事實上，它與近期趨勢是吻合的。