Burberry: Q1-27 preview: Expected retail comps at +5%

研报英文原文证据摘录

Burberry: Q1-27 preview: Expected retail comps at +5%

Equity Research

European Luxury Goods & Specialty Retail

24 June 2026

Burberry

Q1-27 preview: Expected retail

comps at +5%

Burberry will release a Q1 trading update on 17th July. We BRBY.L/BRBY LN OVERWEIGHT

expect the group to report retail comps of +5%. We keep our Unchanged

European Luxury Goods &

estimates broadly unchanged and maintain our OW rating. Specialty Retail NEUTRAL

Unchanged

Price Target GBP 14.10

Burberry to publish Q1-27 sales update on July 17th: The group will publish its trading Unchanged

update before the market and should host a conference call in the morning. We expect Q1-27 Price (23-Jun-26) GBP 10.70

retail comps to be up +5% in the quarter, in line with Q4-26 trends. We keep our FY-27 EPS Potential Upside/Downside +31.8%

estimates broadly unchanged and maintain our PT of GBP 14.10 and our OW rating. Source: Bloomberg, Barclays Research

Expecting Retail comps at +5% (vs +6% before) to better reflect potential weakness in

Market Cap (GBP mn) 3862EMEIA: Looking at trends by regions, we expect EMEIA to be the weakest market with retail

Shares Outstanding (mn) 361.01comps at -4%. This negative growth reflects ongoing pressure from tourists spending in Europe

Free Float (%) 99.96and 3 months of disruption in the Middle East. We expect retail comps in Greater China to stay

52 Wk Avg Daily Volume (mn) 1.1upbeat at 10%, reflecting the ongoing positive brand momentum and forecast +7% growth in

Dividend Yield (%) N/Athe rest of Asia, which could be boosted by a positive market environment in South Korea.

Return on Equity TTM (%) 2.27Finally, in the US, we expect trends to remain at 10%, in line with the previous quarter.

Current BVPS (GBP) 2.60