LONDON: Britain's top share index slipped from a two-week high on Wednesday, with luxury firm Burberry falling after a slump in its profits, and miners tracking weaker metals prices.
The blue-chip FTSE 100 index fell 0.5 percent after rising to its highest level since May 3 on Tuesday. The benchmark index is down 1.6 percent so far this year.
Burberry fell 1.7 percent after saying it would overhaul its retail operations and simplify its product range, as its full-year profit fell 10 percent.
The group also said it expected the market to remain challenging this year, meaning profit is likely to come in towards the bottom of market forecasts.
"Trading conditions in Hong Kong have taken their toll on Burberry," said Steve Clayton, head of equity research at Hargreaves Lansdown.
"The travelling Chinese luxury consumer is clearly still reluctant to come out and spend money at the moment, and as long as that remains the case, things are likely to remain tough for Burberry."
Among sectors, miners were hit hard after copper prices sank to their lowest since mid-February as the dollar rallied after a stream of encouraging U.S. economic data supported the case for more rate rises this year. Prices of other industrial metals were also down.
The UK mining index fell 3.3 percent, the top sectoral decliner. Shares in Anglo American, Glencore , Rio Tinto and BHP Billiton fell 3 to 5.6 percent.
On the positive side, support services group DCC extended a 3.8-percent rally in the previous session, when the company posted a 35.5 percent rise in full-year operating profit.
Its shares were up 1.9 percent on Wednesday, helped by a rise in their price targets by JP Morgan and Investec.
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