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Shoppers enter a Burberry store at Fashion Valley, an upscale shopping center on December 13, 2024 in San Diego, California.
Kevin Carter | Getty Images News | Getty Images
Burberry It reported a more shallow drop in sales in the fiscal third quarter on Friday, giving a first glimpse of CEO Joshua Schulman’s efforts to revive the beleaguered British fashion house.
Comparable sales were down 4% in the three months to December. Analysts had anticipated a 12% decline in a consensus estimate compiled by the company.
Total revenue over the festive shopping period was £659 million ($816 million), down 7% year-on-year at reported exchange rates.
Sales were lower in Asia Pacific and in the region of Europe, the Middle East, India and Africa – down 9% and 2%, respectively – but increased by 4% in the America.
Schulman in November announced urgent plans for “course correction” after a prolonged period of underperformance for the company amid declining sales and a slew of management changes.
The plans – which Schulman said were aimed at returning the brand to its “original purpose” – sent Burberry shares to an all-time high, and the stock has since continued to trail higher on the renewed investor confidence.
The announcement was made alongside Burberry’s results for the first half ending September 28, 2024, during which. contracted sales by 20% for the second consecutive quarter.
The strategic review marks the the last iteration of the 169-year-old retailer. Schulman united in July from Michael Kors, becoming the fourth CEO of the brand in the last decade.
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