Notably, comparable store sales saw a 4 percent decline, in contrast to a 1 percent increase in the same quarter a year ago. However, the contribution from space grew by 2 percent.
Burberry Group reported a 7 per cent decline in third quarter FY24 retail revenue, to £706 million from £756 million year-on-year. Adjusted for the exchange rate, the decrease was 2 percent. Comparable store sales fell 4 percent. Regionally, sales in Asia Pacific rose 3 percent, but EMEIA and the Americas saw declines of 5 percent and 15 percent, respectively.
At the regional level, the results were mixed. In the Asia Pacific region, Burberry saw a 3 percent increase in comparable store sales. This positive performance was offset by declines in other key markets, with sales in Europe, the Middle East, India and Africa (EMEIA) falling 5 percent, and a steeper decline of 15 percent in the Americas.
“We continue to transition into our new creative expression of modern British luxury for Burberry, which began appearing in our stores earlier this fall. We are still in the early stages of executing this, which has become more challenging in the context of a slowdown in luxury demand. We experienced a further slowdown in our key December trading period and now expect our full-year results to be below our previous guidance. “We remain confident in our strategy to realize Burberry’s potential and are committed to achieving our £4 billion revenue ambition,” he said. Jonathan Akeroyd, CEO.
Fiber2Fashion News Desk (DP)
