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Burberry reports drop in first half sales and profit

Burberry has reported a 31% drop in revenue to £878 million in its first half after trading was impacted by the coronavirus pandemic. In the  six… View Article

FASHION

Burberry reports drop in first half sales and profit

Burberry has reported a 31% drop in revenue to £878 million in its first half after trading was impacted by the coronavirus pandemic.

In the  six month period to 26 September, the luxury brand’s adjusted operating profit declined by 75%.  

Stores closures during the pandemic meant the retailer started the current financial year with 60% of its stores closed which led comparable store sales to decline by 45%. However, sales improved after stores reopened to a drop of 6%.

Burberry said it saw double digit sales growth in mainland China, Korea and the US in its second quarter, although sales in its EMEIA region, Japan and South Asia Pacific were held back by a reduction in tourism.

Marco Gobbetti, Burberry chief executive, said: “Though the momentum we had built was disrupted by Covid-19 at the start of the year, we were quick to adapt, while making further progress against our strategy.

“While the virus continues to impact sales in EMEIA, Japan and South Asia Pacific, we are encouraged by our overall recovery and the strong response to our brand and product, particularly among new and younger customers.” 

Burberry said store sales returned to growth in October and that it is making good progress with its strategy, despite the continuing impact of Covid-19.

Gobbetti added: “In an environment which remains uncertain, we will continue to deliver exceptional product, localise plans and shift resources, while leveraging the strength of our digital platform to inspire customers.”  

      

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