"Since our February update, the material negative effect of COVID-19 on luxury demand has intensified and is now impacting the industry in all regions," Marco Gobbetti, Chief Executive Officer, commented. "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," said the Chief Executive Officer. "We are implementing mitigating actions to contain our costs and protect our financial position, underpinned by our strong balance sheet. We remain confident in our strategy and the strength of our brand and I am exceptionally proud of our teams' resilience and commitment." Shares in Burberry Group plc (LON:BRBY) were down on Thursday, trading at -3.26% as of 09:58 GMT.