Luxury brand Burberry reports smaller-than-expected dip in first-quarter comparable sales
said on Friday its comparable
retail sales
fell by a smaller-than-expected 1% in the first quarter ended June 28, in early signs of a recovery for the
British luxury brand
struggling with underperformance.
Known for its trademark trench coats and check pattern scarves,
Burberry
is in the early stages of a reboot under CEO Josh Schulman and is using the group's British heritage appeal to win back customers wary of spending in an uncertain economy.
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The company has issued several
profit warnings
in recent years, and as part of its turnaround drive since Schulman took over, it plans to cut a fifth of its global workforce, a radical cost-cutting measure that investors have welcomed.
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"The improvement in our first-quarter
comparable sales
, strength in our core categories, and uptick in brand desirability give us conviction in the path ahead," Schulman said in a statement, adding that the company's
Autumn 2025 collection
was being "well received".
Analysts had expected the group to report a 3% fall in comparable sales for the April-June quarter, according to a consensus compiled by Burberry.
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