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.
当投资者对人生感到乐观时，他们会把博柏利(Burberry)视为一家奢侈品公司。这是为何过去5年期间其股票的总回报率高达125%、超过竞争对手如Tod’s或LVMH两倍多的原因之一。而当他们感觉不好时（正如本周三那样），就会把它当成一家连锁零售商。这家时尚集团的股价下降了7%，尽管4月至6月三个月的总体销售增长再度令人印象深刻。鉴于英国阴雨绵绵的夏天仿佛是为博柏利德雨衣量身定做的一般，这显得蹊跷。事实上，它与近期趋势是吻合的。