Previously, the company reported that operating profit would end the year between £552 million (US$705.15 million) and £668 million (US$853.33 million), but is now expecting a result between £410 million (US$523.75 million) and £460 million (US$587.62 million).

Retail revenue for the 13 weeks ending December 30, 2023, was down by 7% to £706 million (US$901.87 million) with a comparable store sales decline of 4%.

The decline is driven by sales in the Americas, which are down by 15% in the same period, while EMEIA is down by 5% and Asia Pacific increased by 3%.

Burberry CEO Jonathan Akeroyd said: “We are continuing to deliver the transition to our new modern British luxury creative expression for Burberry which started appearing in our stores in early Autumn. We are still in the early stages of executing on this, which has become more challenging against the backdrop of slowing luxury demand.

“We experienced a further deceleration in our key December trading period and we now expect our full year results to be below our previous guidance. We remain confident in our strategy to realise Burberry’s potential and we are committed to achieving our £4 billion (US$5.11 billion) revenue ambition.”