Credit: Burberry

Comparable store sales were down by 25% in Asia Pacific, with a decline of 24% in Mainland China alone, while South Korea dropped 26% and Japan fell 2%. EMEIA was down 13% and the Americas had a drop of 21%.

Looking at product groups, the company said that outerwear and softs performed better than the average during the period, while ready-to-wear was in line with the average and leather goods and footwear underperformed.

Burberry ended the first half of the year with an adjusted operating loss of £53 million (US$66.99 million), with a margin of -4.9%.

In response to the results, the company has launched “Burberry Forward”, a strategic plan to improve performance. This will include new marketing efforts, updated styling, new senior appointments, cost savings aimed at £40 million (US$50.57 million) and other measures.

In its statement, Burberry said: “We are acting with urgency to stabilise the business and position the brand for a return to sustainable, profitable growth, supported by strong cash generation and balance sheet strength. We are confident that our strategic plan will improve our performance and drive long-term value creation.

“In the short term, with our all-important festive trading period ahead and an uncertain macroeconomic environment, it is too early to determine whether our second-half results will fully offset the first half adjusted operating loss.”