Burberry shows early signs of recovery
Burberry has reported an improved performance in its first quarter as the luxury brand shows early signs of recovery.
In the three months to 28 June, comparable store sales edged down 1% compared to a drop of 21% in the corresponding period last year.
Subscribe to TRBMeanwhile, retail revenue declined by 6% to £433 million.
By region, comparable store sales fell by 5% and 4% respectively in China and Asia Pacific while rising by 4% in the Americas and 1% in Europe. Growth in the Americas was supported by new customer growth, whereas the performance in Europe was boosted by local spend offsetting declines from tourists.
Burberry said it also benefited from stronger brand desirability, an outperformance in outerwear and scarves, and improved conversion.
Joshua Schulman, chief executive of Burberry, said: “Over the past year, we have moved from stabilising the business to driving Burberry forward with confidence.
“The improvement in our first quarter comparable sales, strength in our core categories, and uptick in brand desirability gives us conviction in the path ahead.
“Our autumn 2025 collection is being well received by a broad range of luxury customers as it arrives in stores.
“Although the external environment remains challenging and we are still in the early stages of our transformation, we are encouraged by the initial progress we are starting to see.”
Burberry has also announced that its four regional presidents have been appointed to the company’s executive committee. With immediate effect, Claudia Kim, president Asia Pacific; Frank van Loon, president EMEIA; Josie Zhang, president Greater China; and Laura Dubin-Wander, president Americas have all joined the committee, reporting to Schulman.
Commenting on the move, Schulman said: “This announcement recognises the important role Claudia, Frank, Josie and Laura have each had in strengthening our businesses globally and putting the voice of the customer at the heart of every decision we make.
“Their market insights and deep customer knowledge are invaluable, and I look forward to continuing to work closely with them to drive Burberry forward.”
