<div id="readability-page-1"><div><p>BURBERRY Group disappointed investors after the British luxury brand issued a cautious outlook for this fiscal year and warned geopolitical and economic uncertainty may hurt shopper confidence.</p><p>The maker of tartan scarves and gabardine trench coats declined to give detailed targets other than to say momentum will continue after like-for-like sales rose more than expected in the fourth quarter, despite the conflict in the Middle East denting sales in the region.</p><p>Burberry also said William Jackson, founder of private equity firm Bridgepoint Group, will take over as chair when Gerry Murphy retires in November.</p><p>Shares of Burberry slumped as much as 6.7 per cent in early trading in London, the most on an intraday basis since September, before paring most of the drop. They were down 8.4 per cent this year through Wednesday’s close.</p><p>The conservative tone contrasted with results indicating chief executive officer Joshua Schulman’s turnaround is starting to pay off.</p><p>Like-for-like sales returned to growth in the 12 months ended March 28, and while the 2 per cent increase was slightly shy of analyst estimates, the company’s adjusted operating profit beat expectations.</p><div><div><h3>Navigate Asia in<br/>a new global order</h3><p>Get the insights delivered to your inbox.</p></div></div><p>“Burberry fully recognises that the transformation is still in its early stages, and that of course the fashion industry can be a fickle business,” Richard Hunter, head of markets at Interactive Investor, said in a note.</p><p><strong>Strategy shift</strong></p><p>Schulman has halted his predecessors’ push to take the brand up-market since taking the helm in 2024 following a significant drop in sales.</p><div><div><div><p>SEE ALSO</p><div><div><div><div><p><img height="1333" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2b458daf67b70a477a6cd8a0d7f3da658fe4301fac4fd92ec462a2b326c7fef1/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2000" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2b458daf67b70a477a6cd8a0d7f3da658fe4301fac4fd92ec462a2b326c7fef1/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>Chinese fast fashion brand to take over mega Hong Kong H&amp;M store</span></h3><p></p></div></div><div><div><div><p><img height="3000" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8224b43ba0261b8646833b25866c2aa2c837d50c6e9ebec8e6d3f0b80cff1be1/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="4500" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8224b43ba0261b8646833b25866c2aa2c837d50c6e9ebec8e6d3f0b80cff1be1/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>China luxury market forecast to rebound in 2026: Bain </span></h3><p></p></div></div><div><div><div><p><img height="1074" src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/eafda1d2b32fdc096c89274fe1a41a1b8443db5b9c1cb59c70d5009ac8e5321e/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1981" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/eafda1d2b32fdc096c89274fe1a41a1b8443db5b9c1cb59c70d5009ac8e5321e/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p></div><p></p><h3><span>The collectibles market is cooling. What remains a good bet?</span></h3><p></p></div></div></div></div></div></div><p>The Coach and Michael Kors veteran lowered prices, cut jobs and returned mannequins to the store floor to make Burberry accessible and affordable to more shoppers.</p><p>The China market is key to the strategy, and the brand has invested in marketing campaigns including with celebrity ambassadors like actor Wu Lei. Sales grew 10 per cent in the greater China region in the fourth quarter.</p><p>Sales in the region that includes Europe and the Middle East fell 2 per cent in the fourth quarter, hurt by the war in Iran as fewer tourists shopped in stores.</p><p>The impact of the conflict is “quite localised,” Schulman told reporters on a call, adding that the Middle East accounts for 2 per cent of Burberry’s sales. Even so, the company is “mindful” of the wider consumer environment, he said.</p><p>Burberry’s progress may not be “developing as fast as some of the bulls would have hoped for,” JPMorgan analyst Chiara Battistini said in a note, adding that performance in some regions remained muted.</p><p><strong>Trench coats</strong></p><p>Chief financial officer Kate Ferry told reporters Burberry is confident of making progress on sales and margin growth, and said the analyst consensus “is in a reasonable place,” without specifying.</p><p>Under Schulman, the company has moved away from trying to sell a signature handbag, something Burberry designer Daniel Lee was known for at fashion houses like Bottega Veneta. His recent London Fashion Week collection featured variations of trench coats and tartan patterns in leathers and furs.</p><p>Jackson is best known for helping to build the fortunes of Bridgepoint, which owns fast-food chain Itsu and the Moto GP motorcycle racing series. He spearheaded some of its biggest deals, including buying a majority stake in Pret A Manger in 2008. He chaired Pret as the chain rapidly expanded before the sale to JAB Holdings in 2018.</p><p>Jackson has previously been on the board of property company British Land and housebuilder Berkeley Group Holdings. He is currently a non-executive director of IFM Investors and chair of the Lawn Tennis Association. BLOOMBERG</p><div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span>Sign up here to get Decoding Asia newsletter.</span> Delivered to your inbox. Free.</p></div></div></div>

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<p>Burberry Group disappointed investors with a cautious outlook for the fiscal year, citing geopolitical and economic uncertainties affecting shopper confidence. Despite a rise in like-for-like sales in the fourth quarter, shares fell by 6.7% in early trading. CEO Joshua Schulman's turnaround efforts are showing some success, but the company remains cautious. William Jackson will succeed Gerry Murphy as chair in November. Sales in the Greater China region grew by 10%, while the Middle East and Europe saw a 2% decline due to regional conflicts.</p>

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Burberry’s cautious outlook disappoints after sales boost