Burberry released flat revenue growth for Q1 22/23, ahead of consensus and our expectations. Strong rebounds in Japan and EMEIA partially offset the sales contraction in Mainland China (-35% yoy). However, the strong momentum in the Americas is starting to wane. Although the group saw an improved performance in China since stores reopened in June, the uncertain macroeconomic situation (lower-than-expected GDP growth in Q2 22) in the country still raises doubts for the rest of the year.