Burberry has suffered an eye-watering slump in sales after admitting the negative impact on demand sparked by coronavirus has “intensified” over the past month.
The luxury fashion brand said like-for-like sales across its stores have nosedived between 40% and 50% over the past six weeks.
Burberry warned that demand is likely to plummet further in the remaining weeks of its financial year as a result of government restrictions placed on trading, travel and social interactions across its global markets. It expects like for likes to tumble as much as 80% year on year during that period.
As a result, like for likes for its fourth quarter are forecast to slump by 30%.
Burberry said it was taking “mitigating actions” to protect its balance sheet as the global pandemic rages on.
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