Dow Jones Newswires: Burberry same-store sales tumble 45% and warns of more virus pain to come

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A man wearing protective face mask walks past a closed Burberry shop in Regent Street in central London’s main high street retail shopping area on May 29, 2020

tolga akmen/Agence France-Presse/Getty Images

Burberry Group PLC said Wednesday that comparable sales fell 45% in the first quarter of fiscal 2021, and warned that the second quarter would still be materially hit by the coronavirus pandemic.

The British luxury-goods company BRBY, -0.35% posted a 45% decline in comparable sales for the 13 weeks ended June 27 compared with the same period a year prior. Comparable sales had been expected to fall 49%, according to a company-provided compilation of 15 estimates.

The company warned that retail sales are expected to fall by 15% to 20% in the second quarter, as well as between 40% and 50% in the first half of fiscal 2021.

Retail revenue for the first quarter declined to 257 million pounds ($ 322.7 million) from GBP498 million as at June 29, 2019.

The luxury label, known for its iconic tartan print, said that tourists flows are likely to remain negligible in the second quarter of fiscal 2021. Its store operations will continue to face significant headwinds, with some of them remaining closed, it said.

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This article appeared first on: MarketWatch.com – Top Stories

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