Burberry lowers full year outlook

Burberry’s retail revenues reached 706 million pounds, down 7 percent reported and down 2 percent at current exchange rates, while comparable store sales declined 4 percent during the period under review.

Lowering its outlook for the year ahead, the company said it now expects adjusted operating profit for the financial year ended 30 March 2024 to be in the range of 410 million pounds to 460 million pounds.

“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," said Jonathan Akeroyd, Burberry’s chief executive officer.

Third quarter sales in the Asia Pacific region rose by 3 percent, while EMEIA and Americas reported a 5 percent and 15 percent drop respectively.

While Burberry is committed to achieving its 4 billion pounds revenue ambition, the company said that the slowdown in luxury demand is having an impact on current trading.