Q1 2025 or Q1 2025/2026: which period are we talking about exactly?

On July 18, 2025, Burberry published its first fiscal quarter business results, covering the thirteen weeks ending June 28, 2025.The British fashion house recorded £433 million in retail revenue, compared to £458 million in the same period of the previous fiscal year.

The decline reached 6% at current exchange rates , but only 2% at constant exchange rates . Crucially, like-for-like sales fell by only 1% , after a 21% drop a year earlier. This contrast is the main takeaway from the report: Burberry has not yet fully returned to growth, but the rapid decline observed in 2024 appears to have been halted. A clarification is essential for a proper interpretation of the figures.

Burberry uses a staggered fiscal calendar. The results announced in July 2025 therefore correspond to the first quarter of the 2025/2026 fiscal year, sometimes referred to as Q1 FY26. This period covers the thirteen weeks ending June 28, 2025. It is therefore not the first calendar quarter, which runs from January to March 2025.

Another important distinction: Burberry reports retail revenue in this publication , not consolidated revenue including all wholesale and licensing income. While the expression "quarterly revenue" remains common, particularly in Google searches, " retail revenue" is the most accurate financial term.

Burberry's key figures for the first quarter of 2025

Indicator	Q1 2025/2026	Q1 2024/2025	Evolution
Retail revenue	£433 million	£458 million	-6 % in published data
Retail revenue at constant exchange rates	—	—	-2 %
Comparable sales	-1 %	-21 %	20-point improvement
Effect of network evolution	-1 %	+1 %	Negative contribution
Currency Impact	Approximately -4 points	—	Adverse effect

The £433 million represents approximately €510 million, according to an indicative conversion based on average pound-euro exchange rates observed between April and June 2025. The £458 million of the previous period was approximately equivalent to €537 million at average rates for the second quarter of 2024.

These conversions provide a general idea for French readers, but financial comparisons should primarily be made in pounds sterling and at constant exchange rates. Averages from the Bank of France indicate that one euro was worth 0.8538 pounds in April 2025, 0.8435 pounds in May, and 0.8498 pounds in June.

A 6% decrease, but activity remaining almost stable at constant exchange rates

At first glance, the 6% contraction in revenue might seem concerning. However, it needs to be broken down. Burberry reports that its retail sales declined by 2% at constant exchange rates. Currency fluctuations had an additional adverse effect of approximately four percentage points, resulting in a reported 6% decrease. Therefore, currency developments significantly impacted the accounts expressed in pounds, without necessarily reflecting a corresponding deterioration in demand.

The figure most closely watched by analysts remains comparable sales, which measures the performance of stores open for more than twelve months, also taking online sales into account. Their limited decline of 1% contrasts sharply with the 21% drop recorded a year earlier. Burberry had not yet returned to growth, but its operational trajectory had changed dramatically.

Comparison with the first quarter of 2024

In the thirteen weeks ending June 29, 2024, Burberry generated £458 million in retail revenue, compared to £589 million a year earlier. The decline was then:

22% at current exchange rates ;
20% at constant exchange rates ;
21% on like-for-like sales.

The company had also suspended its dividend for the 2024/2025 financial year to protect its balance sheet and preserve the resources to invest in its recovery. In 2025, revenue in absolute terms remained lower than in 2024. However, a comparison of like-for-like sales shows that the decline was no longer as pronounced. It is therefore more accurate to speak of a stabilization of sales rather than a simple continuation of the decline.

Performance varied greatly depending on the region

Burberry's performance varied significantly from market to market.

Region	Like-for-like sales trends
EMEIA	+1 %
Americas	+4 %
Greater China	-5 %
Asia-Pacific excluding Greater China	-4 %

The Americas are returning to growth

The Americas were the most dynamic region, with a 4% increase in comparable sales. Burberry attributed this improvement in part to the acquisition of new customers. This result suggested that the brand's refocusing on a more recognizable British luxury was beginning to resonate in the United States.

Europe is progressing thanks to local customers

In the EMEIA, which encompasses Europe, the Middle East, India, and Africa, like-for-like sales increased by 1%. Spending by local customers offset weak tourist purchases. This is crucial for European luxury brands, which have historically been heavily reliant on international travelers and price differences between regions.

To delve deeper into these changes, Luxe Daily also analyzes the need to re-enchant the retail experience through sales advisors.

China remains the main point of concern

In Greater China, like-for-like sales declined by 5%, including a 4% drop in mainland China. While still significant, the decline was considerably less pronounced than in previous quarters. Chinese demand remained hampered by fragile confidence, difficulties in the real estate market, and increasingly selective purchasing behavior.

This evolution does not mean that Chinese consumers are abandoning luxury. Rather, it reflects a reconfiguration of demand, driven by spending priorities, the rise of local brands, international travel, and the search for products considered more distinctive. This transformation is explored more broadly in our analysis of the luxury market in China and its prospects.

Asia-Pacific remains under pressure

Comparable sales declined by 4% in the rest of Asia-Pacific.

South Korea saw progress, but this improvement was not enough to offset the difficulties encountered in Japan. The group specifically cited a weak performance in Japan following a period when the weak yen had significantly boosted tourist spending.

Burberry thus remains exposed to markets whose performance depends as much on local demand as on tourist flows, currencies and international price differences.

Why have Burberry's sales stabilized?

The stabilization is not based on a general recovery in the sector. It seems primarily linked to the initial measures of the Burberry Forward.

A return to the British codes of the house

Under Joshua Schulman's leadership, Burberry has strengthened its positioning around timeless British luxury.

The company has brought its most recognizable categories back to the forefront:

trench coats and outerwear ;
scarves ;
the Burberry Check pattern;
references to the British campaign;
a wardrobe that is more legible and more directly associated with the brand's history.

This strategy aims to restore the brand's desirability without pursuing an upmarket move that is disconnected from its historical clientele.

Better differentiated campaigns

Burberry has launched numerous campaigns exploring various facets of British culture. The Highgrove, inspired by the gardens of King Charles III's private residence, targeted customers who value heritage and craftsmanship. The Festival, drawing on theimagery of British festivals, aimed to reach a younger audience. This diversity allows the brand to appeal to a range of demographics without compromising its core identity.

A collection refocused on signature products

The Fall 2025 collection, the first fully embodied in theBurberry Forward era, was built around fewer ideas, but stronger statements. This approach addresses a central challenge in the luxury sector: when the offering becomes too complex, the brand's identity can be diluted. Burberry therefore seeks to strengthen its iconic products, capable of being instantly recognizable and sustaining sales over several seasons.

An improvement in in-store merchandising

The company has also revamped the presentation of its products in stores.

Burberry was notably testing dedicated scarf spaces, called Scarf Bars. The first pilots showed better performance than the rest of the network, leading the group to plan around 200 installations before the end of the fiscal year.

The objective is twofold: to increase the visibility of flagship categories and to improve the in-store conversion rate.

Growth in online commerce

The group reported a strengthening of its digital activity for the third consecutive quarter. Improvements to the product mix, styling, navigation, and storytelling helped boost online sales. Digital is no longer limited to a transactional channel; it is becoming a tool for discovery, personalization, and preparing for in-store visits.

This development aligns with the new expectations described in our report on the new luxury customer and the importance of experience.

How did the financial markets react?

The results were better received than those of the previous year. According to Reuters, analysts had anticipated a decline of approximately 3% in comparable sales. The reported drop of only 1% therefore exceeded expectations. Burberry shares rose by about 4% in early trading on July 18, 2025.This reaction reflects a shift in market sentiment.

Investors did not consider the turnaround complete. However, they believed that the actions taken regarding positioning, offerings, and costs were beginning to produce tangible results. The share price increase was therefore based less on the absolute level of revenue than on three key indicators:

a smaller than expected decline in sales;
a return to growth in the Americas and Europe;
a sequential improvement in all regions.

Burberry Forward: the four levers of recovery

The Burberry Forward, launched in November 2024, aims to revive the brand's desirability, improve its performance, and create long-term value. It is based on four main levers.

Clarify brand identity

Burberry wants to become instantly recognizable again as the great British luxury, by combining heritage, functionality and contemporary design.

Strengthen the flagship categories

Outerwear and scarves serve as entry points into the home goods market. Their success should then encourage cross-selling to accessories, leather goods, and ready-to-wear.

Improve commercial productivity

Store reorganization, clienteling, merchandising, and the digital experience should increase sales per store without relying on rapid network expansion.

Reducing costs without weakening creativity

Burberry projected £80 million in annualized savings for the 2025/2026 financial year.

This financial discipline was intended to restore margins while maintaining the necessary investments in collections, marketing, and customer experience.

Has the Q1 2025 signal been confirmed since then?

With the hindsight available in 2026, the overall answer is positive.

For the full fiscal year ended March 28, 2026, Burberry achieved:

2.420 billion pounds in revenue, representing stability at constant exchange rates;
a 2% increase in like-for-like sales ;
£160 million in adjusted operating profit, compared with £26 million a year earlier;
an adjusted operating margin of 6.6%, compared to 1% previously;
£141 million in free cash flow.

The group also indicated that it had achieved savings of £80 million and recorded double-digit growth in its e-commerce in the second half of the financial year.

The momentum continued into the following quarter. On July 17, 2026, Burberry reported £455 million in retail revenue for the thirteen weeks ending June 27, 2026, which was:

+5% in published data ;
+4% at constant exchange rates ;
+5% like-for-like sales.

The Americas grew by 12%, Greater China by 9%, and Asia-Pacific by 3%. Only the EMEIA region declined by 3%, penalized in particular by a decrease in tourist spending.

The Q1 published in July 2025 therefore appears, in retrospect, as one of the first credible signs of Burberry's turnaround.

The risks that could still hold Burberry back

The recovery remains subject to several factors.

The volatility of Chinese demand

China remains a strategic market for luxury goods, both directly and through tourist spending. An uneven recovery in consumption may continue to produce mixed quarterly performance.

The Directorate General of the Treasury had already noted a cyclical weakness in Chinese consumption, accompanied by deflationary pressures and risks related to the real estate sector.

Currency fluctuations

The discrepancy between a published 6% decrease and a 2% decrease at constant rates in Q1 2025 illustrates the group's sensitivity to currencies.

A strong pound sterling can reduce the book value of revenues earned abroad. Currencies also influence tourist flows and price arbitrage between London, Paris, New York, Tokyo, and Shanghai.

A recovery still dependent on execution

Returning to its historical codes has helped to clarify the brand. However, Burberry must avoid this refocusing being perceived as a mere exercise in nostalgia.

The group will need to continue to renew its products, maintain its cultural relevance, and transform interest in its campaigns into recurring sales.

The pressure on aspiring consumers

In France, inflation had slowed significantly to 1% year-on-year in June 2025, according to INSEE. However, this moderation was not enough to offset the cumulative effects of previous price increases or the trade-offs made by consumers.

For the houses, the difficulty lies in preserving their prices and margins while offering sufficiently perceptible value, particularly to prospective customers.

What are the prospects for Burberry and the luxury market?

Burberry is now entering a new phase.

The urgent issue is no longer simply to stop the decline in sales. The company must transform its stabilization into sustainable and profitable growth.

His priorities should remain the following:

consolidate its authority in outerwear and scarves;
develop leather goods and accessories without diluting its identity;
to strengthen the productivity of the shops;
continue the growth of online commerce;
improve margins through more disciplined management;
adapt its campaigns to the specific characteristics of each region.

The global luxury market retains significant structural potential, but its growth is becoming less uniform. Customers are increasingly prioritizing quality, experience, rarity, and brand consistency.

In the longer term, the sector's prospects are detailed in our analysis of the luxury market to 2035.

Burberry's results for the first quarter of 2025/2026

Burberry's results for the first quarter of 2025/2026 did not yet signal a return to growth. With £433 million in retail revenue, the company still recorded a 6% decline as reported. The real signal lay elsewhere: comparable sales fell by only 1%, compared to 21% a year earlier.

This improvement, supported by the Americas, Europe, iconic categories and a more legible British positioning, demonstrated the first effects of Burberry Forward.

The results published in May and July 2026 have since reinforced this interpretation. Burberry has returned to comparable growth, restored its profitability, and increased its quarterly retail revenue to £455 million.

The transformation remains incomplete, particularly in Europe and in the face of macroeconomic uncertainties. But Q1 2025 now appears less as a quarter of decline than as the measurable beginning of a strategic turnaround.

FAQ on Burberry's Q1 2025 results

What is Burberry's revenue in Q1 2025?

Burberry reported £433 million in retail revenue for the thirteen weeks ending June 28, 2025, which is approximately €510 million for illustrative purposes.

By how much have Burberry's sales fallen?

Retail revenues decreased by 6% as reported and by 2% at constant exchange rates. Comparable sales declined by 1%.

Why are we talking about an improvement despite the decrease?

A year earlier, comparable sales had fallen by 21%. Their limited decline of 1% in 2025 therefore shows a clear stabilization of demand.

What is the Burberry Forward strategy?

Burberry Forward is the plan launched in November 2024 to restore the brand's desirability, strengthen its historical categories, improve the shopping experience and reduce costs.

Has Burberry's recovery been confirmed by 2026?

Yes. For the financial year ending March 2026, comparable sales increased by 2% and adjusted operating profit reached £160 million. In the quarter ending June 2026, retail revenue increased by 5%.

Primary sources for the article

Three official French sources

About the author

Elise Moreau

Editor-in-Chief - Fashion & Jewelry

Élise Moreau is the editor-in-chief of Luxe Daily, specializing in haute couture fashion and fine jewelry. With over ten years of experience in the media…

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Burberry in Q1 2025: Sales still declining, but a recovery taking shape