Q1 disappointment prompts Burberry to return to the familiar
London-based luxury brand Burberry has reported revenues of £458 million for the first quarter of its current business year, the 13 weeks ending June 29, 2024.
This figure represents a fall of 22% compared to the same quarter the previous year. The group’s revenues fell by 23% in Asia, by 16% in Europe and by 23% in the Americas.
Burberry chairman, Gerry Murphy, said the group’s first-quarter performance had been disappointing and that the current situation in the luxury market was proving more challenging than expected. He said this situation had continued into the second quarter too.
“We moved quickly with our creative transition,” the chairman continued. “We are taking decisive action to rebalance our offer to be more familiar to Burberry’s core customers while delivering relevant newness.”
Burberry is taking cost-saving steps. Mr Murphy said he hoped for improvement in the second half of the financial year.
