Burberry's Latest Revenue Reports Show Progress Toward Post-Pandemic Recovery

New numbers fall short of 2019, but the fourth quarter report shows positive growth.

Fashion
611 Hypes 0 Comments

Still in recovery from the financial impact of the pandemic, Burberry Group Plc shared in a press release on Thursday that its latest full-year and fourth-quarter sales reports remained below 2019 numbers, though the brand showed positive growth in the final three months of the financial period. Shares in the high-end fashion brand fell more than 5 percent the same day in response.

For the full year — beginning on March 28, 2020 and ending on March 27, 2021 — the brand’s revenue decreased by 10 percent in part due to decreased tourism and having to close 16 percent of their storefronts throughout the pandemic. Full-price comparable store sales climbed 32 percent in the final quarter, indicating that the brand is on the road to recovering its previous sales numbers. Reported revenue was still 5 percent lower than 2019 numbers.

Meanwhile, sales for high-end competitors LVMH and Hermés topped 2019 numbers in the same period.

Burberry was able to make up for lost revenue across Europe and the United States by investing in its growing Asian markets, which managed its coronavirus outbreak earlier and faster than other countries.

Last summer, the luxury fashion house opened a store location in Shenzhen, China, with tech giant Tencent, where they were able to host multiple digital and physical consumer experiences. Retail comparable stores in the Asia Pacific region climbed 75 percent in the fourth quarter, with China and South Korea leading the way.

Looking to the future, the brand’s representatives expect revenue to climb at a high single-digit percentage rate in the 2021 financial period, noting that a decision to reduce in-store markdowns would be a major contributor to a comparable store sales increase.

Elsewhere in the fashion, clothsurgeon turned Burberry’s traditional check scarves into original garments for the latest installment of its ‘RECONSTRUCTED PROJECT.”

Read Full Article

What to Read Next

Disney’s Second Quarter Earnings Reveal Slow Post-Pandemic Recovery
Entertainment 

Disney’s Second Quarter Earnings Reveal Slow Post-Pandemic Recovery

Reporting losses at Disney theme parks and slow subscriber growth on Disney+.

Will Virtual Fitness Have a Post-Pandemic Future?
Tech 

Will Virtual Fitness Have a Post-Pandemic Future?

As gyms around the world tentatively reopen, exercise apps are banking on being more than just a short-lived trend.

Target To Open Mini Apple Stores in Post-Pandemic Attempt To Woo Customers
Tech

Target To Open Mini Apple Stores in Post-Pandemic Attempt To Woo Customers

Rolling out in 17 of its stores this month.


clothsurgeon's Latest Capsule Is Made Using Traditional Burberry Scarves
Fashion

clothsurgeon's Latest Capsule Is Made Using Traditional Burberry Scarves

The latest release from the brand’s “RECONSTRUCTED PROJECT”.

Artists Question "What Is Real?" in Mindbending NYC Exhibition
Arts

Artists Question "What Is Real?" in Mindbending NYC Exhibition

Illusionary works displayed inside a Brooklyn house built in 1910.

Netflix Teases First Look at 'Masters of the Universe: Revelation'
Entertainment

Netflix Teases First Look at 'Masters of the Universe: Revelation'

With Mark Hamill as He-Man’s nemesis, Skeletor.

Nike Air Max Plus Gets Outfitted With Sherbert-Like Colors
Footwear

Nike Air Max Plus Gets Outfitted With Sherbert-Like Colors

A Summer-appropriate take of the Sean McDowell-designed silhouette.


Hyperfly Drops Heritage Capsule With the NBA in Homage to Asian Culture
Fashion

Hyperfly Drops Heritage Capsule With the NBA in Homage to Asian Culture

With a donation being made to combat hate crimes against Asian-Americans.

Nike's Sustainable Space Hippie 01, 02, and 03 Arrive in "Photon Dust"
Footwear

Nike's Sustainable Space Hippie 01, 02, and 03 Arrive in "Photon Dust"

Nike’s popular “Trash” sneakers take on a sporty color scheme.

Internet Money Drops New Single "His & Hers" Featuring Don Toliver, Gunna and Lil Uzi Vert
Music

Internet Money Drops New Single "His & Hers" Featuring Don Toliver, Gunna and Lil Uzi Vert

Taz Taylor, Nick Mira, Alec Wigdahl, Cxdy, and Pharoah Vice produced the new soulful tune.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.