Burberry Group Plc (BURBY) Management on Q1 2020 Results - Earnings Call Transcript

Jul. 16, 2019 6:46 PM ETBurberry Group plc (BURBY)
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Burberry Group Plc (OTCPK:BURBY) Q1 2020 Earnings Conference Call July 16, 2019 4:00 AM ET

Company Participants

Julie Brown - Chief Operating Officer and Financial Officer

Annabel Gleeson - Director of IR

Conference Call Participants

Elena Mariani - Morgan Stanley

Thomas Chauvet - Citigroup

John Guy - Mainfirst

Anne-Laure Bismuth - HSBC

Melanie Flouquet - JP Morgan

Rogerio Fujimori - RBC Capital Markets

Peter Testa - One Investments

Charmaine Yap - Redburn

Julie Brown

Good morning, and welcome to Burberry’s First Quarter Conference Call. Slides are available to accompany this presentation on the IR section of our website.

In today’s presentation, I will spend first three minutes running through our retail performance in the quarter sharing the progress we have made against our strategy and then close with guidance. With me this morning is Annabel Gleeson, our Head of Investor Relations and we will be very happy to take questions at the end.

Turning to Slide 1, this quarter Riccardo-designed products became meaningful proportion of our offer building from 10% 15% of the assortment at Q4 to around 50% by the period end. The customer response to the new product has been very positive. We saw strong double-digit percentage growth across runway, summer and autumn 19 collections, compared to the equivalent collections in the prior year.

Sales in the new product were ahead of the prior year in all regions with Chinese and Japanese customers delivering the stronger trends. Consumer reacted positively to the new aesthetic and the new Burberry house codes.

Men's and women's benefited from the outfitting initiative with strong growth in tops and bottoms. And in accessories, we continue to build out our product architecture and increase emphasis on solid leather bag collection. Whilst the new product is performing well, lines of previous collections continue to weigh on the overall performance

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