First Quarter Trading Update

Retail revenue 13 weeks ended 28 June 2025

Comparable store sales by region

In the first quarter, we implemented the following actions to drive Burberry Forward, resulting in comparable retail sales improvement across all regions relative to the previous quarter. This was supported by stronger brand desirability, outperformance in outerwear and scarves and improved conversion.

• Timeless British Luxury brand expression amplified through a series of distinctive monthly campaigns—High Summer, Highgrove, and Festival—each celebrating British summertime traditions while appealing to different customer archetypes
• Rebalanced Autumn 25 collection—our first under the Burberry Forward era—attracting a broad range of luxury customers, focused on fewer, bigger ideas, hero-ing recognisable brand codes
• Visual merchandising enhanced in stores with fixtures to improve product densities; scarf bar pilot outperforming fleet with 200 targeted by year end
• Online momentum continued for the third consecutive quarter driven by stronger product mix, universal styling and storytelling
• Organisational changes fostering greater collaboration and agility; cost efficiency programme on track to deliver £80 million in annualised savings by FY26.

FY26 Outlook

We are still in the early stages of our turnaround, and the macroeconomic environment remains uncertain.

Our focus this year is to build on the early progress we have made in reigniting brand desire, as a key requisite to growing the topline. In the first half we are continuing to prioritise investment and expect to see the impact of our initiatives build as the year progresses. We will deliver margin improvement with a continued focus on simplification, productivity and cash flow.

We remain confident that we are positioning the business for a return to sustainable, profitable growth.

Retail sales performance

Q1 FY26 comparable store sales declined 1% in the period. Space was a 1% headwind, leading to a 2% decline in retail sales at constant exchange rates. Currency was a 4% headwind in the quarter, with retail revenue landing at £433m, down 6% at reported exchange rates.

Comparable retail sales improved sequentially in all regions:

• EMEIA grew 1%, boosted by local spend offsetting declines from tourists.
• Americas grew 4%, supported by new customer growth.
• Greater China decreased 5% with Mainland China -4%.
• Asia Pacific was down 4% with challenging performance in Japan, partially offset by growth in South Korea.