The luxury retailer is reopening stores in mainland China
March 20, 2020
By Alex Janiaud
Burberry (BRBY) expects its sales over the final weeks of its financial year to fall by as much as 80 per cent, as store closures worldwide suppress the luxury retailer’s trade.
Burberry has closed around 85 per cent of its stores in the Americas and more than 60 per cent in Europe, the Middle East, India and Africa (EMEIA). Since 24 January, Burberry’s sales are between 40 per cent and 50 per cent behind “comparable retail stores”.
In total, around 40 per cent of its stores around the world are currently closed, with more closures to come. Intriguingly, sales have picked up in mainland China, with most of Burberry’s stores having now reopened there.