Burberry Q3 comparable sales unchanged year-on-year
Comparable sales were unchanged year-on-year, an improvement from negative 4% in the second quarter, but below internal assumptions.
In what remains a challenging external environment, and ahead of Lunar New Year, Burberry currently expects adjusted profit before tax for FY 2016 to be broadly in line with market forecasts, supported by a further reduction in the performance-related pay charge, additional discretionary cost savings and an FX benefit.
Looking forward to FY 2017, the outlook for demand in luxury is uncertain and underlying cost pressures persist for the sector. Against this background, Burberry is accelerating our productivity and efficiency agenda, especially looking at our ways of working.
Burberry is also addressing how to optimise future organic revenue growth opportunities, the resulting investment plans and our capital structure. Further updates will be provided at Burberry's Preliminary Results in May 2016. ■