Buxton: Burberry in 'buy zone' after profits rise

Schroders' Richard Buxton has backed Burberry's plans to increase its investment spend despite a negative reaction from markets today, noting shares look attractive at the current price.

Buxton, a key backer of the high end fashion retailer, has a 3.2% position in the group within his £2.9bn Schroder UK Alpha Plus fund. Investors sold the stock today despite Burberry meeting profit expectations. It reported a 26% jump in profits to £376m, off revenues which rose 24% to £1.9bn,  but shares were down 2% at £13.57. The stock fell amid wider market losses, and with investors understood to be sceptical about the company's decision to spend up to £200m on new stores across the world. However Buxton said he remained comfortable with his position, with the stock in the "bu...