Burberry: Calendar 2Q26 and the summer test

Research evidence excerpt

Burberry: Calendar 2Q26 and the summer test

23 June 2026

Luca Solca +41 582 723 126 luca.solca@bernsteinsg.com

Maria Meita +44 20 7170 0540 maria.meita@bernsteinsg.com

Yi-Peng Khoo, CFA +44 20 7676 6822 yi-peng.khoo@bernsteinsg.com

Eric Chen, CFA +852 2123 2628 eric.chen@bernsteinsg.com

Specialist Sales

Alix Turner +44 20 7762 4044 alix.turner@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with

Burberry, in the lead up to their 1Q27 (= calendar 2Q26) reporting, and provide an update of the key themes on the company below.

Key messages: Burberry continues to drive its ‘Burberry Forward’ strategy, with the ‘High Summer’ campaign translating its brand codes

into warmer months. The Hunza G. collaborative capsule, for example, has delivered good sell-through, with 50% of customers new to the

brand. Burberry continues to invest in retail space productivity, with the season’s ‘Polo Galleries’ being the highlight. The company has likely

delivered on its target of 100 galleries by Father’s Day, and likely sees a positive contribution from the fixtures. Other marketing initiatives in

the spring and summer months include the recent hotel takeovers in France, Greece, and Thailand, and the ‘A Good Sport’ football-centered

campaign.

Commentary by Region: FYQ1 and Q2 are the most touristic months in the EMEA region. American tourists have been a relative bright

spot in the major European cities, while Asian and ME tourist spend probably remains weak. The ME represents ~2% of Group retail sales.

Tourist spending represented 45% of ME revenues in 4Q26 (= calendar 1Q26), even after accounting for the impact of the war that began

in March.