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Burberry's retail like-for-likes fall in 'challenging' first quarter

Like-for-like retail sales at Burberry declined by 3% year on year in the three months to June 30, as the company warned the “external environment remains challenging”.

Total retail revenue remained flat at £423m.

Burberry said its “ambitious” plans to drive growth are well underway, but said it was cautious about its wholesale revenue predictions for the first and second half of the year, especially in the US.

Earlier this week, the company announced it has appointed former Céline chairman and CEO Marco Gobbetti as its new chief executive, as current CEO Christopher Bailey becomes president and chief creative officer.

On the first quarter trading, Bailey said: “In what remained a challenging external environment, underlying retail sales were flat in the first quarter. In this context, we continue to focus on managing our business with agility whilst implementing the ambitious evolution of our strategies and ways of working we outlined in May, to position Burberry for long-term growth.

“These plans are now well underway and on track to deliver our financial goals. This progress, together with our recent management appointments, gives us real confidence for the future.”

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