博柏利：2026年6月日历第二季度与夏季测试

Maria Meita+442071700540maria.meita@bernsteinsg.comYi-PengKhoo, CFA+442076766822 yi-peng.khoo@bernsteinsg.comEricChen,CFAA+85221232628eric.chen@bernsteinsg.comSpecialistSales Alix Turner+44 20 7762 4044 alix.turner@bernsteinsg.com Burberry, in the lead up to their 1Q27 (= calendar 2Q26) reporting, and provide an update of the key themes on the company below.Key messages: Burberry continues to driveits'Burberry Forward'strategy,with the“High Summer'campaign translating its brand codes into warmermonths.The Hunza G.collaborative capsule,for example, has delivered good sell-through, with5o% ofcustomers newtothebrand. Burberry continues to invest in retail space productivity,with the season's'Polo Galleries'being the highlight.The company has likelydelivered on itstarget of1o0 galleries byFather's Day,and likely sees a positive contribution from the fixtures.Othermarketing initiatives incampaign.Commentary byRegion: FYQ1 and Q2arethemosttouristic months in the EMEAregion.American tourists have been a relativebright spot inthe major European cities,whileAsian andMEtourist spend probably remains weak.The ME represents~2% of Group retail sales.Tourist spending represented 45% of ME revenues in 4Q26 (= calendar 1Q26),even after accounting for the impact of the war that beganin March. As with peers, we expect local ME spending to have largely recovered over the course of the quarter. In APAC ex CN, we notethat Burberry likely continues to perform well in South Korea, supported by local and tourist spending, but faces a tougher comparablebase.A sequentialacceleration,driven by a strong local wealtheffect,seems unlikelygiventhe alreadystrong performanceoverFY2H26A.Performance in Japan willikely continue to reflect its strong skew towards Chinese tourist spending. In China, Burberry highlighted theirnewly launched localized'Burberry Expeditions'campaign. (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,Africa Technologies&Services toproduce Bernstein researchundera Global Services Agreement in place betweenBernsteinand Societe Generale. otherwise,for purposes ofthese disclosures,references to Bernstein's“affiliates"relate to both SG and AB andtheir respectiveaffiliates. We value Burberry on a target 1.7x relative P/Emultiple to the MSCI Europe, applied to a blended forward EPS forecast on anNTM+1basis to arriveata PT of 1,300GBp RISKS Burberry GroupPLC On the downside: 1.The new collectionby Daniel Lee could fall short of expectations; 2.Executionofthebrandturnaroundcouldencounterproblems; 3.Operatingleveragemaydisappoint as thebrandrevivalmaycostmore thananticipated. RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernstein brand The Bernstein brand rates stocks based onforecasts of relativeperformancefor thenext 12 monthsversus the S&P500 forstocks listed on the U.S.and Canadian exchanges,versus the Bloomberg EuropeDeveloped Markets Large and Mid CapPriceReturn Index EUR (EDME)for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacificregion,versustheBloombergJapanLargeandMidCapPriceReturnIndexUsD(JPL)forstockslistedontheJapanese(ex-Japan)exchanges-unless otherwise specified. The Bernstein brand has three categories of ratings: .Market-Perform: Stock will perform in line with the market index to within +/-15 pp:Underperform:Stock will trail the performance of the marketindex by more than 15 pp are suspendedtemporarily,are nolongercurrent,andshouldtherefore notbe relied upon oneventsanddevelopments And Financial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR(EDMFI)indexfordeveloped Europeanbanks and Payments,theBloomberg Europe5OOInsuranceIndex(BEINSUR)forEuropeaninsurers, the S&P 5O0 and S&PFinancials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P InsuranceSelect Industry (SPSlINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid andSmall Cap Price Return Index (EMLSF) for emerging market banks and insurers and Payments. Ratings are stated relative to thesector (not the market). The Autonomous brand has three categories of common stock ratings: .Outperform (OP): Stock will outpace the relevant index bymore than 10 pp : Neutral (N): Stock will perform in line with the market index to within +/-10 pp :Underperform (UP): Stock will trail the performance of the relevant index by more than 10 pp Coverage Suspended:Coverage of a company under the Autonomous researchbrand has been suspended.Ratings andpricetargets are 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 presenttime.The covering analystmay continue to publish research reports on the companyto update investo