Burberry (BRBY) earnings Q3 FY25

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Burberry (BRBY) earnings Q3 FY25

Shoppers walk into a Burberry store at Fashion Valley, an upscale shopping mall on December 13, 2024 in San Diego, California.

Kevin Carter | Getty Images News | Getty Images

Burberry on Friday reported a shallower-than-expected dip in sales in the fiscal third quarter, providing a first glimpse of CEO Joshua Schulman’s efforts to revamp the beleaguered British fashion house.

Comparable sales declined 4% in the three months to December. Analysts had anticipated a 12% decrease in a company-compiled consensus estimate.

Schulman in November announced urgent plans to “course correct” after a prolonged ******* of underperformance for the company amid waning sales and a slew of management changes.

The plans — which Schulman said were intended to return the brand to its “original purpose” — sent Burberry shares to an all-time high, and the stock has since continued to track higher on renewed investor confidence.

The announcement was delivered alongside Burberry’s results for the first half ending on Sept. 28, 2024, during which sales contracted by 20% for the second consecutive quarter.

The strategic overhaul marks the latest iteration of the 169-year-old retailer. Schulman joined in July from Michael Kors, becoming the brand’s fourth CEO in the last decade.

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