Burberry Group Plc warned this year’s revenue target may be out of reach after the UK trench-coat maker’s sales barely grew in the most recent quarter.

“The slowdown in luxury demand globally is having an impact on current trading,” the company said Thursday. “If the weaker demand continues, we are unlikely to achieve our previously stated revenue guidance for fiscal 2024.”

The company said in that situation, earnings will probably be at the lower end of its guided range.

Burberry Chief Executive Officer Jonathan Akeroyd is trying to boost the appeal of the brand, appointing designer Daniel Lee last year to reinvigorate the popularity and “Britishness” of the brand. Lee has already presented twice at London Fashion Week events since he’s been at the company.

But the efforts come amid a global slowdown in the demand for luxury goods following a surge in the last two years.

LVMH Moet Hennessy Louis Vuitton SE, the biggest luxury group and owner of Christian Dior and Loro Piana, saw organic revenue growth at its key fashion and leather goods unit fall short of estimates last month. Some though are proving more resilient, like the Birkin bag maker Hermes International.

Burberry’s sales rose 1% in the three months ended September at its comparable stores, the British fashion retailer said. Analysts expected a gain of 4.2%.

There was a clear deceleration between the first and the second quarter, with the Americas in particular suffering the most, with revenue slumping 10% in the three months through September. The appetite of shoppers also cooled in the Asia-Pacific region, with sales rising 2% on a tougher comparative, Burberry said. Europe and the Middle East had a similar picture.

Consumers worldwide are balking at higher prices from luxury brands, signaling inflation is also hitting well-heeled shoppers, especially so-called aspirational customers who tend to buy items at the lowest price levels.

Shares of Burberry have slumped 14% so far this year, underperforming LVMH and Hermes, which have gained respectively 5.8% and 34%.

(Updates with details throughout)