Executive Summary

• Burberry reported a 1H17 total group constant-currency revenue decline of 4% to £1,159 million (up 5% in reported currency), slightly below the consensus estimate of £1,163 million. Total results were negatively impacted by weakness in the Americas region and the Beauty and Women’s Apparel categories.
• Total retail sales increased 2% year over year at constant currencies (up 11% at reported currency) to £859 million. Wholesale sales declined by 14% year over year at constant currencies (down 6% at reported currency) to £287 million in 1H17.
• 1H17 sales in Asia Pacific declined by 1% year over year at constant currencies.