Luxury fashion chain Burberry has also highlighted the slump in retail, reporting that sales fell by over a quarter as the Covid-19 pandemic began.
Like-for-like sales slumped by 27% in January-March, Burberry reports, due to around 60% of its retail outlets being closed by the end of March. This compares to +4% for the first 9 months of the year, the chain says.
Earnings also took a significant hit, with operating profits dropping to just £189m, from £437m.
Burberry explains: “Reported operating profit declined 57%, predominantly due to the impact of adjusting items relating to the COVID-19 pandemic.”