By  on July 11, 2012

LONDON — In what could be a harbinger of tougher times ahead for the luxury sector, Burberry Group plc reported a slowdown in sales growth for the first quarter, citing “a more challenging external environment.”

On Wednesday, Burberry shares closed down 7.4 percent to 11.89 pounds, or $18.43 at current exchange, after the company said in a trading update that revenue in the three months to June 30 climbed 11.2 percent to 408 million pounds, or $644.6 million at average exchange rates for the period.

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