Burberry Group plc (BRBY) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. I'm Kate Ferry, CFO of Burberry, and with me today is Josh Shulman, our CEO, and Lauren Wu-Leng, Head of Investor Relations. 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 third quarter, and then Josh and I will be happy to take your questions. Since our last update just a couple of months ago, we have continued to see positive signals across the business, which provide further proof points that the Burberry Forward strategy is working. For the third quarter, comparable retail sales grew 3% versus last year, a sequential improvement on Q2. As planned, we delivered a higher quality of sales across all channels and regions as we returned to a shorter, shallower and more discreet markdown period versus last year. We saw continued brand momentum with the outerwear and festive campaigns, and these were further amplified with activations around the world. We delivered a double-digit improvement in Gen Z customer growth in Greater China and Asia-Pacific, with growth in younger consumers across all regions. Our hero categories continue to outperform, with scarves and outerwear both up double digits, and this momentum is now extending into handbags and ready-to-wear. We've also seen a significant improvement in sell-through, driven by a strong customer response to our Spring 26 collection. In stores, we improved retail productivity and continued the rollout of our scarf bars, reaching 190 to date with 200 on track by year end. Moving on to the quarter's retail performance on slide 3. Comparable store sales grew 3% in the quarter. The impact from space was flat, leading to 3% retail sales growth at constant exchange rates. Curr...