Burberry Group plc announces it now expects fourth-quarter ending March 28 comparable retail store sales to decline by around 30 percent due to the impact of COVID-19 pandemic.
Following the significant escalation of governmental trading, travel and social restrictions in recent days and the inevitable impact this will have on demand, the company projects comparable retail store sales in the final weeks of the year to be within the range of down 70 percent to 80 percent.
In its update about the coronavirus, the company noted that around 40 percent of its directly operated stores globally are closed with additional closures expected over the coming days.
Since January 24, trading has deteriorated significantly with comparable retail store sales tracking between negative 40 percent and negative 50 percent over the last six weeks.
As announced earlier, sales losses in February were predominantly in Asian markets. While trading in Mainland China has started to improve with the reopening of most of stores, sales in EMEIA and the Americas have fallen materially in recent weeks.
The company noted that more than 60 percent of stores in EMEIA and around 85 percent of stores in the Americas are currently closed. Those still open are operating with reduced hours and with very weak footfall.
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