Burberry: Conf Call Feedback: Turnaround Plan on Track

研报英文原文证据摘录

Burberry: Conf Call Feedback: Turnaround Plan on Track

Equity Research

European Luxury Goods & Specialty Retail

14 May 2026

Burberry

Conf Call Feedback: Turnaround

Plan on Track

Burberry hosted a conference call following the release of its BRBY.L/BRBY LN OVERWEIGHT

NEUTRALFY-26 results this morning. The call struck a confident tone, EuropeanSpecialty RetailLuxury Goods &

and gave an update on the strategy as well as incremental Price Target GBP 14.50

details on FY-27 guidance. Price (13-May-26) GBP 11.63 Potential Upside/Downside +24.7%

Source: Bloomberg, Barclays Research

Burberry hosted a conference call following its FY26 results release. Management continued to

put forward a confident tone in Burberry's turnaround journey, mentioning much stronger European Luxury Goods & Specialty

conversion rates y/y and Gross Margin recovery, driven by healthy full-price sales growth. Retail

Carole Madjo

On the products side, management touted solid results in scarves and outerwear, the key focus +44 (0)20 3134 3168

categories of the Burberry forward strategy, up +DD in H2, while showing confidence for spring/ carole.madjo@barclays.com

summer products going into the warmer period of the year Barclays, UK

Viktoria PetrovaManagement provided detailed guidance for FY27, and reiterated its long-term targets of >70%

+49 (0)69 7161 1052

Gross Margin and high-teens adj. EBIT margins. Comments on current trading were limited, but viktoria.petrova@barclays.com

management flagged a good Mother’s Day notably in the US and May golden week in China. BBI, Frankfurt

Filippo Croce

+44 (0)20 3555 2994Conf Call highlights

filippo.croce1@barclays.com

Outlook / Current Trading Barclays, UK

FY27 Outlook

•• Space to be broadly stable

•• Wholesale to grow MSD for 1H27

•• £20m additional cost savings