This is not down to patriotic Britains, splashing out on trench coats.

這可不是愛國的英國人撒錢買風衣的緣故。

The main reason is that the weaker pound will inflate Burberry's results. it reports in sterling, but only a tenth of its sales are in the UK.

原因在於，衰弱的英鎊使Burberry的股價膨脹。雖然帳面上看起來很厲害，但是只有十分之一的銷售量來自英國國內。

And about half of those sales are to tourists for whom the UK just became cheaper.

銷售量的上升，有一半得歸功於觀光客，這些觀光客因為旅費下降而來到英國。

The secondary reason is management shake off.

第二個原因是Burry管理階級的人事變動

Chris Bailey, former design chief, promoted to chief executive in 2014, will now be present,

前任首席設計師Chris Bailey，於2014年擔任執行長，現在應該要換人了。

which appears to mean very important person who is no longer CEO.

看起來，這位重要人士已經不再是執行長了。

A new CEO, Marco Gobbetti, will come from LVMH. The CFO Carol Fairweather will also be replaced.

新任執行長Marco Gobbetti來自LVMH。財務總監Carol Fairweather也將遭到撤換。

With these changes announced, the share grows 6 percent.

消息公佈之後，Burberry的股價上漲了6%。

But the shares remain down a third from the highs of early last year.

但是，股價仍舊只有去年高點的三分之一。

Growth was in the double digits back then.

原本的成長率是二位數。

In the first fiscal quarter just reported, same store's sales were down 3 percent.

才剛發表的第一季財政季度中顯示，同一家店的銷售量下降3%。

Sales fell in every region and whole sale revenue, just over a quarter of sales, is expected to be down 10 percent in the first half,

每個區域的銷售量都下滑，剛超過一季營收的總體銷售營收，預計在上半年下滑10%。

as customers take inventory and order cautiously.

消費者的消費變得謹慎

It's tempting to conclude that having a young designer running the company was rash.

結論似乎指向，讓一位年輕設計師帶領公司似乎是個輕率的決定。

And that grown up supervision should get revenues up in wide and margins.

管理監督上的改進，應可讓營收成長。

This view does not stand up to scrutiny.

這可不是為了審查。

The big problem is the 40 percent of Burberry sales are from Chinese customers who have pulled back hard.

問題是，Burberry 有40%的營收來自中國顧客，但是中國顧客的購買量已下滑。

There are no obvious managerial solution there

看起來，似乎沒有個能夠清楚解決管理問題的方式。

In whole sale, Burberry's key US customers are having a miserable time.

以總體銷售狀況而言，Burberry的主要美國顧客目前狀況不佳。

Even high end department stores are stegerate

連高級百貨公司的門市也無法倖免。

Nordstrom share, for example, have been cut in half in just the last year.

例如：Nordstrome股價在去年慘遭砍半。

Finally, there is little to indicate that Mr. Bailey was falling short as a manager.

最後，如果要指責Bailey這個執行長功虧一簣，實在沒什麼證據。

The company's costs and margins compare respectablely with peers.

看看Burberry的成本跟成本佔銷售的比率，再看看同行的數據。

The plan's already in place, emphasizing store productivity, over store growth, and simplification of the product line, come right out of the sensible retail handbook.

目前的計劃是，強調店家的生產力、成長、以及生產線的簡化。

That leads two things for the new team to do.

有兩件事是新團隊應該做的。

Execute well, and roll out clothes that more people want to buy.

把公司管利好，並且拿出令顧客動心的商品。

Only better sales growth will prove that those two boxes have been ticked

只有營收成長能證明，Burberry有達成以上兩件任務。