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By James Sillars, business news reporter A solid start to the day for the FTSE 100 despite one of its well known constituents posting a big drop in profits.The index rose by 0.5% in early dealing to stand at 8,469.Leading the gainers were industrial and mining stocks. Among the big names reporting its progress this morning was Burberry.Its annual results to the end of March showed a 34% fall in operating profits as demand for luxury slowed in the second half.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: 'Burberry's latest figures leave a lot to be desired, amid slowing demand for luxury... Not only does this highlight the extent of consumer caution across the globe, it also puts a spotlight on some Burberry-specific issues. 'Refreshing the store estate is all well and good, but only if those costs and charges can be recouped by selling the clothes they hold.
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