Burberry, the London-based luxury fashion brand, has posted a 4 per cent fall in its revenue for the 13 weeks that ended 26 December 2020.
The retailer’s revenue for the period was £688 million – an expected slide from £719 million achieved during the same period in 2019.
Yes, it was expected considering the number of store closures and tight restrictions that the UK retail world witnessed in the last quarter.
Consequently, store sales of the retailer dropped by 9 per cent during the quarter. Back in 2019, the retailer saw an increase of 3 per cent in store sales for the same period.
Regionwise, the biggest area to be hit was EMEIA, where store sales dipped by 37 per cent, while in the US it was a fall of 8 per cent.
However, in the Asia-Pacific region, store sales rose by 11 per cent – all thanks to robust growth in Korea and China.
While the quarter saw the retailer closing 7 per cent of its stores, it was a different story on the e-commerce front. Burberry saw its online full-price sales shoot up by an impressive 50 per cent during the quarter.
Known for its ready-to-wear apparels – especially trench coats – Burberry generated revenue of £2.63 billion in 2020.