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Luxury Goods

Burberry upgrades Q4 guidance

For the full year, the group also expects its revenue to decline by 10% to a loss of 11% for the same period in 2019

Burberry has announced that ahead of its trading update, the group anticipates its fourth quarter results to be “better than expected” with an adjusted operating margin to be in the range of 15.5% to 16.5%.

The retailer has estimated that its comparable store retail sales in Q4 FY2021 will range from 28% to 32% higher than the same period last year.

For the full year, the group also expects its revenue to decline by 10% to a loss of 11% for the same period in 2019.

The company had previously revealed that its retail revenue for 13 weeks ended 26 December dropped 4% to £688m from £719m for the same period last year, attributed to the continued impact of Covid-19.

Marco Gobbetti, CEO for Burberry, said at the time: “Despite the challenging external environment, we made good progress on our strategic priorities in the quarter. We saw a strong increase in full-price sales as our collections and communication resonated well with new, younger clientele as well as existing customers.

“Our localised plans and digital capabilities helped drive growth in rebounding markets and we implemented our planned reduction in markdown. While the short-term outlook remains uncertain due to Covid-19, we are well placed to accelerate when the pandemic eases.”

The group’s preliminary FY2021 results will be released on 13th May 2021.

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