Burberry fashion brand saw its turnover halved since the outbreak and rapid spread of the new corona virus in late January. 40 percent of Burberry stores worldwide are now closed due to the pandemic. The maker of coats and the iconic checkered scarves expects more closings in the coming days, as more and more governments choose to completely shut down public life.
In the past six weeks, revenue at stores that opened for more than a year decreased by 40 percent to 50 percent from a year ago. Burberry expects the situation to deteriorate further in the coming weeks. Sales may be up to 80 percent lower in the last weeks of March. In total, the fashion brand expects a sales decline of 30 percent in the current quarter.
In February, Burberry did particularly bad business in Asia. Many stores in China reopened in March, but sales in Europe, the Middle East, Africa and the Americas slipped. In those regions, only a fifth of Burberry stores are currently open.