Burberry Group PLC Update on the Impact of Coronavirus (2657C)
07 Febrero 2020 - 1:01AM
UK Regulatory
TIDMBRBY
RNS Number : 2657C
Burberry Group PLC
07 February 2020
7 February 2020
Burberry Group plc
Update on the impact of coronavirus
"The outbreak of the coronavirus in Mainland China is having a
material negative effect on luxury demand. While we cannot
currently predict how long this situation will last, we remain
confident in our strategy. In the meantime, we are taking
mitigating actions and every precaution to help ensure the safety
and wellbeing of our employees. We are extremely grateful for the
incredible effort of our teams and our immediate thoughts are with
the people directly impacted by this global health emergency."
Marco Gobbetti, Chief Executive Officer
Our most recent guidance for the year ended March 2020 predates
the impact of the coronavirus outbreak and we wanted to update the
market.
Currently 24 of our 64 stores in Mainland China are closed with
remaining stores operating with reduced hours and seeing
significant footfall declines. This is impacting retail sales in
both Mainland China and Hong Kong S.A.R. The spending patterns of
Chinese customers in Europe and other tourist destinations have
been less impacted to date but given widening travel restrictions,
we anticipate these to worsen over the coming weeks.
We are taking mitigating actions but the benefit in the current
year will be limited given the proximity to our March year end. We
also intend to continue our key growth initiatives in preparation
for a recovery in luxury demand. We will provide a retail trading
update following our financial year end.
We remain confident in our strategy and are very pleased with
the positive response to our brand repositioning and new product.
We will continue to focus on newness and fashion, and on inspiring
and engaging our customers globally.
We fully support the efforts the Chinese government is taking to
contain the virus and we are working in close conjunction with
local authorities and partners.
Enquiries
Investors and analysts 020 3367 4458
Annabel Gleeson VP, Investor Relations Annabel.Gleeson@burberry.com
Media 020 3367 3764
Andrew Roberts VP, Corporate Relations Andrew.Roberts@burberry.com
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Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations and
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from any expected future
results in forward-looking statements. Burberry Group plc
undertakes no obligation to update these forward-looking statements
and will not publicly release any revisions it may make to these
forward-looking statements that may result from events or
circumstances arising after the date of this document. Nothing in
this announcement should be construed as a profit forecast. All
persons, wherever located, should consult any additional
disclosures that Burberry Group plc may make in any regulatory
announcements or documents which it publishes. All persons,
wherever located, should take note of these disclosures. This
announcement does not constitute an invitation to underwrite,
subscribe for or otherwise acquire or dispose of any Burberry Group
plc shares, in the UK, or in the US, or under the US Securities Act
1933 or in any other jurisdiction.
Notes to editors
-- Burberry is a global luxury brand with a distinctly British attitude.
-- Burberry is listed on the London Stock Exchange (BRBY.L) and
is a constituent of the FTSE 100 index. Its ADR symbol is
OTC:BURBY.
-- BURBERRY, the Equestrian Knight Device, the Burberry Check
and the Thomas Burberry Monogram and Print are trademarks belonging
to Burberry.
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END
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