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Burberry Group Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 TU earnings summary18 Jul, 2025
Executive summary
Comparable retail sales declined 1% year-over-year, with sequential improvement in all regions from the previous quarter and a significant rebound from the prior quarter's -21% decline.
Retail revenue was £433 million, down 6% at reported exchange rates and 2% at constant exchange rates, impacted by a 4% currency headwind and 1% space headwind.
Brand desirability and engagement increased, driven by new campaigns, refreshed Autumn 25 product offer, and successful scarf bar pilots.
Organisational restructuring and transformation initiatives were launched to enhance agility, collaboration, and cost efficiency.
Financial highlights
Retail revenue for Q1 FY26 was £433m, down from £458m in Q1 FY25, with comparable store sales down 1% year-over-year.
Currency headwinds reduced reported retail revenue by 4%.
Retail space impact was flat to a 1% headwind.
E-commerce delivered its third consecutive quarter of growth.
Outlook and guidance
Full year 2026 outlook remains cautious due to macroeconomic uncertainty, with margin improvement and cost savings expected to be H2 weighted.
Wholesale revenue is expected to decline by mid-teens percentage in H1 FY26; full year update in November.
Annualised cost savings of £80m expected in FY26, with £24m already delivered in FY25.
Capex for FY26 expected to be around £130m.
FX guidance updated: £85m impact on revenue and £15m on profit for the year.
How is Autumn 2025 collection performing?
What is driving online momentum?
Detail FY26 wholesale revenue expectations.
How did the Autumn '25 collection perform?
Detail the cost efficiency program progress.
Elaborate on the marketing plan for H2.
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Next Burberry Group earnings date
H1 202613 Nov, 2025
LIVEat 09:30
Next Burberry Group earnings date
H1 202613 Nov, 2025
LIVEat 09:30
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Frequently asked questions
Burberry Group plc designs, manufactures, and sells luxury apparel, accessories, and fragrances. It operates through retail, wholesale, and licensing channels across international markets. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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