Burberry Group plc (BRBY) Q1 2027 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. I'm Kate Ferry, CFO of Burberry, and with me today are Josh Schulman, our CEO, and Joe Kennedy, Head of Investor Relations. As you will have seen, we published our Q1 trading update this morning. There are slides to accompany this call on our corporate website, and a transcript will also be available later today. In terms of running order, I'll go through our performance in the first quarter and then Josh and I will be happy to take your questions. We have continued to make progress with our Burberry Forward strategy this quarter. Comparable retail sales grew 5% versus last year, led by continued strength in Americas and Greater China. We sustained brand momentum through culturally relevant storytelling and activations, driving sales and engagement across key markets. We are cementing our authority in outerwear and scarves with outerwear growing double digits in the quarter, supported by demand for heritage rainwear, lightweight jackets and seasonal products. We are also encouraged by the performance of our silk scarves. At the same time we're extending our product authority into ready to wear and women's bags. Overall and for the first time in three years we saw growth across our women's wear, men's wear, accessories and children's wear divisions. We're seeing a positive customer response to our product and pricing strategy. We are successfully offering value for money in a luxury context across each category with good, better, best pricing tiers. This is supporting our quality of sales through growth in full price and lower markdown year on year. We grew our customer base in the quarter, with Gen Z customers up double digit for the group. We continue to improve store productivity through clienteling and cross-merchandising, supported by the roll-out o...