Financial News
Written by: Lin Leqian
2020-07-15 17:40
Date of last update: 2020-07-15 17:42When international retail brands were cold, Burberry announced its first-quarter financial report. During the period, sales recorded a 49% drop to 257 million pounds, which was lower than market expectations and caused the closure of many stores due to the epidemic. Foreign media reports that the company will propose a structural reorganization and plan to lay off 500 employees, including 150 British logistics employees and 350 overseas employees, accounting for 5% of the world's approximately 10,000 employees. It is expected to save 55 million pounds per year.
The company said that Burberry closed about 60% of its stores in the first quarter. With the reopening of some stores, only half of the stores were closed in June. In terms of sales, same-store sales fell 45% in the first quarter, but the same-store sales decline in June narrowed to 20%. The growth of the mainland and South Korea exceeded the pre-epidemic levels in June. It is believed that travel restrictions led to the return of overseas consumption.
Burberry expects that by the end of September this year, its performance in the second quarter will still be affected by the epidemic, and sales are expected to continue to fall by more than 20%.
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Burberry Retail Market
