Burberry quantifies the impact of Covid-19: a 50% slump since January
Burberry quantifies the first impact of the coronavirus on its business. The like-for-like sales of the British luxury group have been reduced by between 40% and 50% since last January 24, according to a statement published by the company. Burberry is set to close its 2020 fiscal year on March 28, it plans to end the fourth quarter of the exercise with a 30% drop in sales. “The material negative effect of Covid-19 on luxury demand has intensified and is now impacting the industry in all regions,” said Burberry CEO Marco Gobbetti.
“Our primary concern is the global health emergency and we continue to take every precaution to help prevent the spread of the virus and ensure the safety and wellbeing of our employees, partners and customers,” added the British group.
To alleviate the adverse impact that the coronavirus is having on its business, Burberry said, “we are implementing mitigating actions to contain our costs and protect our financial position, underpinned by our strong balance sheet.” The CEO added that “we remain confident in the strength of our brand and our strategy.”
Estée Lauder has withdrawn its forecasts
85% of the group’s stores in America remain closed and those that have not yet done so operate with reduced hours. In Europe, the Middle East, and Africa more than 60% of Burberry stores have also shut. In total, Burberry has around 40% of its stores worldwide that are closed as a result of the coronavirus crisis.
On the other hand, Estée Lauder has retracted its growth forecasts, which stood between 0% and 1%, in the face of the Covid-19 crisis. “Most retail stores in North America and Europe are now closing, as our global business is more broadly impacted by COVID-19 than we initially expected,” said the company’s president and CEO, Frabizio Freda in a statement.
The CEO of the American company has ensured that, as a consequence, “we are withdrawing our previous guidance that we no longer expect to meet, we expect to provide an update regarding the impacts of COVID-19 on our business and our recovery plans when we report our next earnings scheduled for May 1, 2020.”
info@themds.com
Validation policy for comments:
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.
Me Thinks the death rate is beyond 10%,on aggregate count,and for some nations it is way beyond.
As per – https://www.worldometers.info/coronavirus/#countries = there are 14 million cases and 600000 dead.Simple numerics place it at proximating 4.5%.
Wrong me says ! dindooohindoo
India,Brazil,Russia and USA have seen a sharp rise in cases,in the last 30 days.55% of their cases came in the last 30 days,and for India,it will worsen exponentially.If you see the kill data of the RIB (Russia,India and Brazil) in the BRICS – it has increased sharply,in the last 30 days (which proves my thesis).Same for the USA.
People dying today,were in the quasi morgue (hospitals) 30-60 days ago.Let us take it,at 30 days.
So we rewind to 30 days ago,and exclude the jump in RIB of BRICS and the USA ,in the last 30 days. So we exclude 4 million cases piled up in the last 30 days .So we have say 10 million cases and the kill quant is 600,000
Rate proximates 6% !
Also have to exclude the recovered cases – as those with immunity will recover in 30 days – AS THE VIRUS was DESIGNED THAT WAY.Unlike HIV and Cancer – where patients are NOT likely to recover- on a generic mode.But those who recover from COVID -WILL (in part) come back again,and then die (as the immunity will fade out - very soon).That will double count the infected cases.Hence,we exclude the recovered cases (which are 8 million,as per site stated above).
So now we have 2 million cases, and a kill quant of 600,00,which is a 20% advalorem
But that is also wrong,as the infected are NOT solely on RTPCR mode.Many nations cannot afford it and are doing antibody tests.An antibody positive may be RTPCR negative,and the vice versa, is less likely. If you exclude these specimens from the infected tally,the % rises further.
Cannot compare the dead to the entire population of a state or a nation or a region – as of this instant – as it would include billions of aged,morbid and asymptomatics – who will get infected very soon.
If we take a 1 year horizon – then post the 1 year – you could take the global population – as that by that time,the virus would have had enough time,to spread,evolve and mutate (across the latitudes and seasons).At that stage,a ratio w.r.t the aggregate population,would be a meaningful statistic – to benchmark intra and inter se,with other diseases.By that time the death rate will mature and the complete breakdown of the health infrastructure will be apparent (to explain the future geometric rise)
In addition,in a 1 year time span,the fading out of antibodies,relapse of discharged patients, impact of trial vaccine,transmission and conversion of asymptomatics etc.,will have mutated, in all its combos - as a seasoned virus.
At that stage the aggregate deaths,can be compared,to the aggregate population