博柏利：2026年第四季度（日历2026年第一季度）持续改善

Global Luxury Goods Burberry Group PLC Maria Meita+44 20 7170 0540maria.meita@bernsteinsg.com Rating Outperform Eric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.com Price Target 1,500.00 GBp BRBY.LN Yi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.com Burberry: Continuing to improve in 4Q26 (calendar 1Q26) Burberry reported its 4Q26 (= calendar 1Q26) results earlier today. The company continuedon a path of gentle improvement in 4Q26 and 2H26. Comparable retail sales came in at+5%, in line with the company collected consensus. Poorer than expected performancein EMEIA (-2% vs. +1.3%) and APAC ex. CN (+3% vs. +5.8%) - driven by weaker touristflows and the impact of the war in the Middle East - was offset by strong performance Close DateBRBY.LN Close Price (GBp)Price Target (GBp) Upside/(Downside)52-Week RangeEDMEFYEDiv Yield Burberry delivered better than expected profitability, with FY26 GM% of 67.9% vs.consensus expectations of 66.3%, driven by a higher quality of sales and a recoveryafter FY25’s inventory reset. Adj. EBIT% of 6.6% was +25bps higher than consensus Market Cap (GBP) (M)4,197EV (GBp) (M)5,296PerformanceYTD1M6M12MAbsolute (%)(8.4)2.3(5.3)40.6 FY27 Outlook:Burberry expects continued revenue growth and margin expansion. Space isexpected to be broadly stable in FY27, wholesale to grow by MSD in 1H27, annualized opexcost savings of £100m of which £80m was delivered in FY26, restructuring charges of £5min FY27, a c. £10m headwind to revenues and adj. EBIT from FX, capex of ~£120m, and anadj. ETR of between 27% to 30%. We rate Burberry Outperform, PT 1,500.00GBp. The conference call will take place at 0930BST | 1030 CET (webinar link here) Links to research •Burberry: CEO at Bernstein SDC - key takeaways Global Luxury Goods Mega-transect: Resilient Labour Day traffic Global Luxury Goods Mega-transect: Strong Lunar New Year 2026 foot traffic points to a •Burberry: Back to basics — Upgrading to Outperform, PT 930 GBp INVESTMENT IMPLICATIONS We rate Burberry Outperform, PT 1,500.00GBp DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Burberry Group PLC We value Burberry on a target 1.9x relative P/E multiple to the MSCI Europe, applied to a blended forward EPS forecast on anNTM+1 basis to arrive at a PT of 1,500GBp. RISKS Burberry Group PLC On the downside: 1. The new collection by Daniel Lee could fall short of expectations; 2. Execution of the brand turnaround could encounter problems; 3. Operating leverage may disappoint as the brand revival may cost more than anticipated. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp •Market-Perform: Stock will perform in line with the market index to within +/-15 pp Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the compa