(Bloomberg) -- Burberry Group Plc sales slid as the British fashion brand suffered from a new wave of lockdowns at the end of last year.
Comparable retail sales were down 9% in the three months through December. Analysts had expected an 8% drop.
The update shows how 2020 kept challenging luxury companies with on-off policies that closed then opened and then closed retailers again from October in many European countries. The measures are particularly disruptive since the industry still sells the bulk of its products in stores, with sales teams catering closely to customers’ needs, an experience that’s not as easy to replicate online.
Burberry’s performance was mixed geographically: The appetite of shoppers in Asia was strong with 11% growth but Europe and the Middle East saw a 37% deceleration, mainly hurt by the lack of tourists. The Americas also saw an 8% revenue decline, according to a statement Wednesday.
The company said 15% of its stores are currently closed, with more than one-third operating on reduced hours.
The pandemic has put the industry through its biggest crisis of recent years. The market for personal luxury goods is set to have shrunk by about one-quarter last year, according to November estimates from Bain consultants, shrinking to 2014 levels.
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