Asia-Pacific Market Shines in Burberry's Third Quarter Financial Report

Burberry's third quarter financial report for fiscal year 2024, released on January 12th, highlights the Asia-Pacific market as a standout performer. Despite a 7% decline in overall revenue to £706 million and a 4% drop in comparable store sales, the Asia-Pacific region saw a 3% increase, with notable growth in mainland China (8%), Japan (9%), and the South Asia-Pacific market (2%). However, the South Korean market experienced a surprising 10% decrease. EMEA witnessed a 5% fall, while the American market continued its weakness with a 15% decline.

Facing a general downturn in the global luxury market and less-than-expected performances in key areas, Burberry has revised its operating profit forecast for FY 2024, now expecting it to be between £410 million and £460 million, down from the initial £668 million.

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