Executive Summary

• Burberry reported 1H16 revenue of £1.4 billion, down 1% from 1H15 but in line with the consensus estimate.
• In the retail segment,comparable sales for the period were down2%,but up 1% excluding Hong Kong and Macau.
• For FY17, the company plans to open 15 mainline stores in its retail segment, which are expected to contribute low–‐single–‐digit growth to total retail revenue. Burberry Expects a 10% decline in the wholesale