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Shoppers enter a Burberry store at Fashion Valley, a luxury shopping center on December 13, 2024 in San Diego, California.
Kevin Carter | Getty Images News | fake images
Burberry on Friday reported a smaller-than-expected drop in sales in the fiscal third quarter, providing the first glimpse of Chief Executive Joshua Schulman’s efforts to revamp the embattled British fashion house.
Comparable sales fell 4% in the three months to December. Analysts had anticipated a 12% decline in a consensus estimate compiled by the company.
Total revenue during the Christmas shopping period was £659 million ($816 million), down 7% year-on-year based on reported exchange rates.
Sales were moderate in Asia Pacific and the Europe, Middle East, India and Africa region (down 9% and 2%, respectively), but increased 4% in the Americas.
Schulman announced in November urgent plans to “correct course” after a prolonged period of poor company performance amid declining sales and a series 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 rise thanks to renewed investor confidence.
The announcement was delivered alongside Burberry’s results for the first half ended September 28, 2024, during which sales contracted 20% for the second consecutive quarter.
The strategic review marks the last iteration from the 169-year-old retailer. Schulman united in July of Michael Kors, becoming the brand’s fourth CEO in the last decade.
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