LONDON (dpa-AFX) - Shares of Burberry Group Plc (BRBY.L) plunged nearly 17
percent on the London Stock Exchange after the British luxury brand announced
weak first-quarter retail sales and comparable store sales, warned about its
outlook, and also decided to suspend dividend payments.

Burberry also separately announced that Chief Executive Officer Jonathan Akeroyd
has resigned with immediate effect by mutual agreement with the Board. The
company appointed Joshua Schulman as Chief Executive Officer and Executive
Director, replacing Akeroyd.

The new CEO will join Burberry on July 17 and be based at the Company's
headquarters in London. He will lead the Executive Committee and report to
Burberry Chair Gerry Murphy and the Board of Directors.

Schulman was previously CEO of American fashion brands Michael Kors and Coach
where he also served as Brand President. Prior to this, at Neiman Marcus Group,
he was President of Bergdorf Goodman for five years, and was also CEO of Jimmy
Choo in London. He also worked with Yves Saint Laurent and Gucci.

Regarding the first-quarter results, Murphy said, 'Our first quarter performance
is disappointing. The weakness we highlighted coming into fiscal 2025 has
deepened and if the current trend persists through our second quarter, we expect
to report an operating loss for our first half. In light of current trading, we
have decided to suspend dividend payments in respect of fiscal 2025.'

In the first quarter, retail revenue of 458 million pounds fell 22 percent from
589 million pounds last year. Retail revenues were down 20 percent at constant
currency revenues.

Comparable store sales were down 21 percent for the period, compared to an 18
percent rise in the prior year.

Among regions, comparable store sales fell 23 percent in Americas, 16 percent in
EMEIA and 23 percent in Asia Pacific. Mainland China sales fell 21 percent,
South Asia Pacific sales plunged 38 percent, and South Korea sales dropped 26
percent, while Japan sales grew 6 percent.

Looking ahead, the company projects that if the slowdown trend continues through
the current quarter, it expects a first half operating loss, and fiscal 2025
operating profit to be below current consensus.

The Group anticipates wholesale revenue to decline by around 25 percent in first
half and decline by around 30 percent for the full year.

The company said it expects the new actions, including cost savings, will start
to deliver an improvement in second half and to strengthen our competitive
position and underpin long-term growth.

In London, Burberry shares were trading at 736.60 pence, down 16.92 percent.



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