First Quarter Trading Update

Retail revenue 13 weeks ended 27 June 2026

Comparable store sales by region

Quarterly highlights 

• Comparable retail sales up 5%, led by continued strength in Americas and Greater China 
• Brand momentum driving sales: ‘Portraits of an Icon’ campaign brought new customers to our brand, with a 19% increase in new Rainwear customers 
• Cementing our authority in Outerwear and Scarves; Outerwear up double digit, with strong demand across heritage rainwear, lightweight jackets and seasonal products 
• Extending our momentum across product categories: Ready-to-wear growth in knitwear, polos and swimwear; Women’s handbags returned to growth and are attracting new customers 
• Product and pricing strategy is working, delivering value for money in a luxury context across each category and good/better/best price tiers 
• Continued customer growth, led by Gen-Z up double-digit 
• Improved store productivity through clienteling, enhanced visual merchandising and category destinations; building on rollout of scarf bars, launched 97 polo galleries by Father’s Day 
• E-commerce continued to show good growth, up mid-teens in the quarter 
• Increased H1 FY27 Wholesale guidance following a positive response from our partners

Retail sales performance

Q1 FY27 comparable retail sales grew 5% year-on-year.

• Americas grew 12%, supported by local demand and broad-based customer acquisition 
• Greater China grew 9%, supported by local demand and outsized growth in Gen Z customers 
• Asia Pacific grew 3%. South Korea remained strong, growing 11%, supported by both local demand and tourist spend. Japan declined by 2% impacted by the continued decline in inbound tourists from China 
• EMEIA declined 3%, reflecting the ongoing impact of the Middle East conflict and lower tourist spend. Excluding the Middle East region, EMEIA declined 1%

Retail sales grew 4% at constant exchange rates, with space down 1% in the period. Currency represented a 1% tailwind, resulting in retail revenue of £455m, up 5% at reported exchange rates.

FY27 Outlook

As we look ahead, we are encouraged by the progress of Burberry Forward and will continue to build on it to drive performance and deliver sustainable long-term value.

In the full year we expect to make further progress on our financial ambitions, including delivering revenue growth and margin expansion, in line with expectations. We remain mindful of the uncertain geopolitical and macro-economic environment and its potential impact on consumer confidence.