1142 GMT - Burberry should continue to benefit from its strategic turnaround, but it isn't insulated from the broader sector context, AlphaValue's Jie Zhang says in a note. The British luxury group has showed encouraging progress, the analyst says. "However, subdued tourist spending in Europe, a volatile consumer environment in China and geopolitical uncertainty warrant more conservative assumptions," she adds. The luxury industry has entered a structurally slower growth phase after an exceptional post-pandemic expansion, Zhang says. That acceleration was a result of accumulated household savings, high demand, price increases and a sharp rebound in tourism, the analyst says. These conditions are unlikely to be repeated, she says. Shares are down 1.8%.