Overview
- Group revenue declined 3.1% in the 13 weeks to Dec. 28 as direct‑to‑consumer sales fell about 7% following reduced discounting.
- Wholesale rose roughly 9%, reflecting a deliberate channel shift that partly offset weaker e‑commerce performance.
- The company kept guidance for broadly flat full‑year revenue and significant pre‑tax profit growth, and lifted its currency headwind estimate to £15 million.
- Shares fell about 12% to 13% after the update, reflecting investor concern over revenue pressure during the peak trading period.
- Regional trends diverged, with the Americas up around 2% on a constant‑currency basis as EMEA and Asia‑Pacific softened, particularly in Germany and the UK where shoppers balked at full prices.