Notably, comparable store sales experienced a decline of 4 per cent, contrasting with a 1 per cent increase in the same quarter of the previous year. However, the contribution from space grew 2 per cent.

Burberry Group reported a 7 per cent decline in Q3 FY24 retail revenue, down to £706 million from £756 million YoY.
Adjusted for foreign exchange, the decrease was 2 per cent.
Comparable store sales fell 4 per cent.
Regionally, Asia Pacific sales rose 3 per cent, but EMEIA and Americas saw decreases of 5 per cent and 15 per cent, respectively.

Regionally, the results were mixed. In the Asia Pacific region, Burberry saw an increase in comparable store sales by 3 per cent. This positive performance was offset by declines in other key markets, with sales in Europe, the Middle East, India, and Africa (EMEIA) dropping by 5 per cent, and a more pronounced decrease of 15 per cent in the Americas.

“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,” said Jonathan Akeroyd, chief executive officer.

Fibre2Fashion News Desk (DP)