Burberry: Q1 27 retail sales preview

Research evidence excerpt

Burberry: Q1 27 retail sales preview

C A Z E N O V E Europe Equity Research

23 June 2026

Burberry Underweight

BRBY.L, BRBY LN

Q1 27 retail sales preview Price (22 Jun 26):1,103p

Price Target (Dec-27):980p

Ahead of Q1 27 trading update scheduled for the 17th of July, we fine-tune our European Luxury & Sporting Goods

ACestimates (largely unchanged) on the back of recent industry data, latest FX moves Chiara Battistini

and discussions with the IR team. We model Q1 27 retail sales +4% reported to (39-02) 8895-2700

£451m, including retail LFL at +4%, vs +5% last quarter, on tougher comps (Q4 chiara.x.battistini@jpmorgan.com

25 -6%, Q1 26 -1%). Regionally, we expect still solid LFL growth in Greater China J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

and Americas (JPMe: +8% and +7% respectively) in continuation of the good

Wendy Liu

momentum seen in Q4 in these regions, and generally healthy consumer backdrop (44-20) 3493-9733

in the US. For the other regions, we model more muted trends, with EMEIA LFL wendy.liu@jpmorgan.com

flat, still dragged by volatile, albeit improving, tourist spend and Rest of Asia LFL J.P. Morgan Securities plc

+2% with solid Korea partly offset by tough comps and more mixed trends in Japan Apurva Vishwaraj

given the pressure on Chinese tourists (as seen in Q4 as well). apurva.vishwaraj@jpmchase.com

J.P. Morgan Securities plc

These results would confirm the ongoing stabilisation of the business and progress Victoria Saden

on a tougher and more normal comp base, and in this context encouraging enough. (44-20) 3493-0435

However, we are mindful that execution from here will increasingly depend on victoria.saden@jpmorgan.com

extending the work into less core categories such as handbags and accessories,