Overview

• Retail revenue fell 6% to £433 million in the 13 weeks to June 28 with comparable store sales down just 1%, a sharp improvement from a 21% plunge last year.
• Sales rose 4% in the Americas and 1% in EMEIA while Greater China fell 5% and wider Asia-Pacific declined 4%.
• The ‘Burberry Forward’ overhaul targets £80 million in annual savings by 2026 and includes proposals to cut about 1,700 jobs worldwide.
• Outerwear and scarves led category growth and online sales also improved as part of early turnaround signs.
• Shares have more than doubled over three months, boosting expectations of FTSE 100 re-entry as Burberry forecasts further momentum in the second half.