Interim 2021 Burberry Group PLC Earnings Call Transcript
Good morning, everyone, and thank you for joining us for Burberry's interim results presentation. In terms of our agenda today, I will start with a brief introduction before turning to a review of the past 6 months. After this, you will hear from Julie, who will cover our financial results and guidance. And we will end with an update on our strategic priorities and outlook, followed by Q&A.
In the first half of fiscal '21, we navigated through a challenging period. As COVID-19 disrupted our momentum and impacted many areas of our business. Total revenue for the half was GBP 878 million, down 31%, and adjusted operating profit was GBP 51 million, a decline of 75%. As you will remember, we started the year with strong momentum, delivering 11% growth in the first 4 weeks of January. This was disrupted by COVID, resulting in a 45% decline in Q1 comp. However, comp sales have since recovered to minus 6% in Q2, accelerating to low single-digit declines in September and returning to growth in October.
Throughout the period,
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