Third Quarter Trading Update

Retail revenue 13 weeks ended 27 December 2025

Comparable store sales by region

Quarterly highlights 

• Comparable retail sales up 3% vs LY, delivering sequential improvement quarter-on-quarter
• Delivered a higher quality of revenue across all channels and regions, as we returned to a shorter, shallower and more discreet markdown period vs LY
• Continued brand momentum with the Outerwear and Festive campaigns, which were further amplified with experiential activations in key regions
• Double digit growth in Gen Z customers in Greater China and Asia Pacific and further strengthening reach with younger consumers across all regions
• Continued outperformance of hero categories, outerwear and scarves, both up double digits; Product momentum now extending to handbags and ready-to-wear
• Strong customer response to Spring 26 driving significant sell-through improvement, building on momentum from Autumn/Winter 25
• Improved retail productivity, driven by richer visual displays, globally consistent festive activations, and the rollout of 190 scarf bars, with 200 on track by year end.

Retail sales performance

Q3 FY26 comparable store sales grew 3% in the period, with all regions flat or positive for a second consecutive quarter.

• Greater China strengthened to 6%, doubling growth from Q2, driven by local spend
• Asia Pacific accelerated to 5%, led by a strong rebound in South Korea +13% which was driven by both local demand and Chinese tourist spend. Japan grew 2%, in line with Q2 despite softer tourist activity
• Americas grew 2% with new and local customer growth
• EMEIA was flat with locals offsetting declines in tourist spend which continued to impact performance.

Retail sales grew 3% at constant exchange rates, with space neutral in the period. Currency represented a 2% headwind, resulting in retail revenue of £665m, up 1% at reported exchange rates.

FY26 Outlook

As we move into the final quarter of the year, the impact of our initiatives continues to build, giving us increased confidence in the direction of the business. We expect adjusted operating profit to be in line with consensus for FY26*. We are confident that we can build on the progress we've made in quality of earnings, continuing to improve performance and driving sustainable long-term value.

_{* As published on our corporate website on 9 January 2026 here.}