Burberry to likely drop out of FTSE 100 next week
Corrects day to Wednesday, not Thursday, in penultimate paragraph
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BURBERRY TO CHECK OUT OF FTSE 100 NEXT WEEK
With UK's premier index due for a rejig next week, analysts anticipate luxury firm Burberry BRBY.L to face demotion, owing to the sharp drop in its share price recently.
Ahead of a reshuffle next week, Richard Hunter, head of markets at interactive investor, argues that Burberry could be demoted, with its shares now down more than 50% so far this year, the worst on the FTSE 100 .FTSE index.
The luxury group had said back in July that it would report an operating loss for the first half and miss annual profit forecasts, also scrapping this year's dividend to invest in growth.
"A slowdown in consumer demand for luxury goods has weighed on the sector, with Chinese consumers particularly notable by their absence," said interactive investor's Hunter.
The firm had also sacked its CEO and named former Coach boss Joshua Schulman to replace him.
Any company falling to or below the 111 position in the UK FTSE index rankings, which is measured based on market capitalization, is automatically deleted from the FTSE 100. Burberry currently sits at 144.
In a note published last week, Susannah Streeter, head of money and markets at Hargreaves Lansdown, also expected Burberry to lose its position in the FTSE 100.
Analysts expect insurer Hiscox HSX.L to likely graduate to the blue-chip benchmark.
The reshuffle will be based on prices as the markets shuts on Tuesday, September 3, with the announcements made after close of trading on Wednesday, September 4. The changes would become effective on Monday, September 23.
The FTSE 100 .FTSE houses Britain's 100 largest public companies, which global heavyweights like energy firm Shell SHEL.L and lender HSBC HSBA.L.
(Shashwat Chauhan)
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