Burberry: profit forecasts revised downwards
Retail sales in the period to December 30, 2023 are down 7% to £706 million.
Management now expects adjusted operating profit for the year to March 30, 2024 to be in the range of £410 million to £460 million, below previous forecasts.
Based on exchange rates prevailing on December 29, 2023, the Group is now targeting a negative currency effect of around £120 million on sales and around £60 million on adjusted operating profit.
' We experienced a further deceleration in our key December period and now expect our full-year results to be below our previous forecasts. We remain confident in our strategy to realise Burberry's potential and are determined to achieve our sales target of £4 billion ' said Jonathan Akeroyd, Burberry's Chief Executive Officer.
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