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July 15, 2020, 2:45 a.m. EDT

Burberry same-store sales tumble 45% and warns of more virus pain to come

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Burberry Group PLC said Wednesday that comparable sales fell 45% in the first quarter of fiscal 2021, and warned that the second quarter would still be materially hit by the coronavirus pandemic.

The British luxury-goods company /zigman2/quotes/205386705/delayed UK:BRBY +0.34% posted a 45% decline in comparable sales for the 13 weeks ended June 27 compared with the same period a year prior. Comparable sales had been expected to fall 49%, according to a company-provided compilation of 15 estimates.

The company warned that retail sales are expected to fall by 15% to 20% in the second quarter, as well as between 40% and 50% in the first half of fiscal 2021.

Retail revenue for the first quarter declined to 257 million pounds ($322.7 million) from GBP498 million as at June 29, 2019.

The luxury label, known for its iconic tartan print, said that tourists flows are likely to remain negligible in the second quarter of fiscal 2021. Its store operations will continue to face significant headwinds, with some of them remaining closed, it said.

/zigman2/quotes/205386705/delayed
UK : U.K.: London
1,320.00 p
+4.50 +0.34%
Volume: 1.05M
Aug. 7, 2020 4:35p
P/E Ratio
44.97
Dividend Yield
0.86%
Market Cap
£5.33 billion
Rev. per Employee
N/A
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