Burberry "Turnaround intact despite H2 delivery concerns" (Buy) Pusz

研报英文原文证据摘录

Burberry "Turnaround intact despite H2 delivery concerns" (Buy) Pusz

Global Research

20 July 2026ab

Burberry Equities

United KingdomTurnaround intact despite H2 delivery concerns

Clothing & Fabrics

12-month rating Buy

Solid Q1 execution overshadowed by H2 profit phasing fears

On Friday, BRBY reported its Q1 FY27 results. While performance was broadly in line 12m price target 1,425p

with expectations, with like-for-like (LFL) sales growth of 5%, and the company raised its

H1 wholesale guidance to high-single-digit growth (from mid-single-digit previously),

Price (17 Jul 2026) 1,049p

the shares nevertheless reacted negatively, closing down 6%. Investor concerns appear

to be centred on the tougher comparative base in Q2, which represents the most RIC: BRBY.L BBG: BRBY LN

challenging quarter of the year, as well as management’s indication that profits will be

Trading data and key metrics

weighted towards H2 and that gross margin will decline in H1. These comments raised

52-wk range 1,372p-1,005

fears that, despite the CFO reiterating confidence in achieving consensus expectations,

current market forecasts may prove difficult to meet. Although we have increased our Market cap. £3.76b/US$5.06b

H1 wholesale forecasts in line with the company’s more optimistic guidance, we make Shares o/s 358m (ORD)

no meaningful changes to our overall estimates and leave our price target unchanged. Free float 100%

We continue to rate BRBY Buy and believe that the solid Q1 like-for-like growth provides Avg. daily volume ('000) 1,924

further confirmation that Burberry’s turnaround story remains on track. Avg. daily value (m) £21.5

Common s/h equity (03/27E) £1.10b

Q1 review: LFL growth in line with expectations P/BV (03/27E) 3.4x

Q1 retail sales of £455m were in line vs.