logo
  

Burberry Sees 30% Drop In Q4 Comparable Retail Store Sales Due To Covid-19

Retailer Burberry Group plc (BRBY.L) Thursday said it now expects fourth-quarter ending March 28 comparable retail store sales to be down around 30 percent due to the impact of COVID-19 pandemic.

Following the significant escalation of governmental trading, travel and social restrictions in recent days and the inevitable impact this will have on demand, the company projects comparable retail store sales in the final weeks of the year to be within the range of down 70 percent to 80 percent.

In its update about the coronavirus, the company noted that around 40 percent of its directly operated stores globally are closed with additional closures expected over the coming days.

Since January 24, trading has deteriorated significantly with comparable retail store sales tracking between negative 40 percent and negative 50 percent over the last six weeks.

As announced earlier, sales losses in February were predominantly in Asian markets. While trading in Mainland China has started to improve with the reopening of most of stores, sales in EMEIA and the Americas have fallen materially in recent weeks.

The company noted that more than 60 percent of stores in EMEIA and around 85 percent of stores in the Americas are currently closed. Those still open are operating with reduced hours and with very weak footfall.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
McDonald's says equal pay for women is just the beginning, while conforming that the fast-food giant pays women globally 99.85 cents on the dollar for similar work, taking into account legitimate pay drivers such as level, location, experience, and performance. The company added that it is on track to close that identified gap in 2022. Verizon Communications Inc. (VZ) said, on an adjusted basis, its third-quarter earnings per share rose 12.8 percent from a year ago. The company said its earnings were highlighted by revenue and customer growth as more than one in four Consumer wireless phone customers now have a 5G-capable device. The... While reporting financial results for the third quarter on Wednesday, Abbott Laboratories (ABT) raised its earnings and adjusted earnings guidance for the full-year 2021. For fiscal 2021, the company continues to project earnings from continuing operations in a range of $3.55 to $3.6 per share and...
RELATED NEWS
Follow RTT