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Burberry has revealed that its revenue fell 6% to £433m in the 13 weeks ended 28 June, as the brand stated it was seeing “early progress” on its turnaround plan.
Alongside this, the company saw its comparable store sales fall 1% compared with a 21% decline last year.
The slowing of the decline was aided by a 4% and 1% increase in comparable sales in the Americas and EMEIA caused by new customer growth. This increase helped Burberry to offset a 5% and 4% drop in Greater China and Asia Pacific.
Burberry stated that the growth in the first quarter was driven by greater desirability for the brand and outperformance in outwear and scarves, as well as improved conversion.
It also stated that it was on track to achieve £80m in annualised savings as a result of turnaround and expects the impact of this plan to continue to be seen as the year progresses.
CEO Joshua Schulman said: “Over the past year, we have moved from stabilising the business to driving Burberry Forward with confidence. The improvement in our first quarter comparable sales, strength in our core categories, and uptick in brand desirability gives us conviction in the path ahead.
“Our Autumn 2025 collection is being well received by a broad range of luxury customers as it arrives in stores. Although the external environment remains challenging and we are still in the early stages of our transformation, we are encouraged by the initial progress we are starting to see.”
