British luxury fashion house, the Burberry Group aims to achieve its target of £4 billion in revenues by FY24-end.
The brands’ revenues in Q3 FY24 plunged by 7 per cent to £706 million from £756 million in the same period last year. The decline totaled 2 per cent on being adjusted for foreign exchange fluctuations.
Comparable store sales of the brand declined by 4 per cent as against a rise of 1 per cent in the same quarter previous year.
Burberry’s comparable store sales in the Asia Pacific region increased by 3 per cent during the quarter.
However, the brand’s sales in other key markets such as Europe, the Middle East, India and Africa (EMEIA) dropped by 5 per cent. Burberry witnessed the largest decline in sales of 15 per cent in the Americas.
Burberry continues to transition to new modern British luxury creative expression which started appearing in its stores in early Autumn. The brand experienced a further deceleration in sales during December last year and expects full year results to be below its previous guidance. However, the brand remains confident in its strategy to its and is committed to achieving its ambition of £4 billion revenue ambition, says Jonathan Akeroyd, CEO.
