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FTSE 100 falls as Burberry shares fall out of fashion

From BBC - November 9, 2017

Shares in Burberry sank 9% after the fashion house announced plans to move further upmarket.

The company said it would close some stores in the US and Europe as part of its plans to "sharpen" the brand.

The news came as it reported a 26% rise in half-year profits to 128m with like-for-like sales up 4%.

Burberry was the biggest faller in the FTSE 100, with the UK's benchmark share index down 18.83 points at 7,510.89 in early trade.

Worries about the health of the UK property market weighed on housebuilders. The latest survey from the Royal Institution of Chartered Surveyors indicated that house prices are now falling in four areas of the country, and that the market is set to remain subdued in the short term.

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