Burberry: sales plunge in Europe and America
(CercleFinance.com) - British luxury goods group Burberry said trading has deteriorated significantly since the end of January, with comparable retail store sales down between 40% and 50% over the last six weeks.
The company pointed out that sales in Europe, Middle East & Africa and the Americas have fallen materially in recent weeks, as more than 60% of its stores in EMEIA and around 85% of its stores in the Americas are currently closed.
In all, around 40% of its directly operated stores globally are now closed, with additional closures expected over the coming days, it said.
In all, Burberry now expects fourth-quarter comparable retail store sales to be down around 30%, the group said, while mentioning that it had "significant financial headroom".
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company pointed out that sales in Europe, Middle East & Africa and the Americas have fallen materially in recent weeks, as more than 60% of its stores in EMEIA and around 85% of its stores in the Americas are currently closed.
In all, around 40% of its directly operated stores globally are now closed, with additional closures expected over the coming days, it said.
In all, Burberry now expects fourth-quarter comparable retail store sales to be down around 30%, the group said, while mentioning that it had "significant financial headroom".
Copyright (c) 2020 CercleFinance.com. All rights reserved.