12 January 2024
BURBERRY GROUP PLC
TRADING UPDATE
“We are continuing to deliver the transition to our new modern British luxury creative expression for Burberry which started appearing in our stores in early Autumn. We are still in the early stages of executing on this, which has become more challenging against the backdrop of slowing luxury demand. We experienced a further deceleration in our key December trading period and we now expect our full year results to be below our previous guidance. We remain confident in our strategy to realise Burberry’s potential and we are committed to achieving our £4 billion revenue ambition.”
– Jonathan Akeroyd, Chief Executive Officer
RETAIL REVENUE 13 WEEKS ENDED 30 DECEMBER 2023
| 30 December | 31 December | % change | ||
| £ million | 2023 | 2022 | Reported FX | CER* |
| Retail revenue | 706 | 756 | -7% | -2% |
| Comparable store sales* | -4% | +1% | ||
| Contribution from space | +2% |
*See page 2 for definition
Comparable store sales by region
| Q3 FY24 vs LY | Asia Pacific* | EMEIA | Americas |
| Comparable store sales | +3% | -5% | -15% |
*Asia Pacific consists of: Mainland China +8%, South Asia Pacific +2%, Japan +9%, South Korea -10%
OUTLOOK
We remain confident in our strategy to realise Burberry’s potential as the modern British luxury brand, and we are committed to achieving our £4bn revenue ambition.
The slowdown in luxury demand is having an impact on current trading. In this context, we now expect adjusted operating profit for the financial year ended 30 March 2024 to be in the range of £410m to £460m, below previous guidance.
Based on foreign exchange rates effective as of 29 December 2023, we now expect a currency headwind of c.£120m to revenue and c.£60m to adjusted operating profit.
The person responsible for arranging the release of this announcement on behalf of Burberry Group plc is Gemma Parsons, Company Secretary.