It's the second time in three months the British luxury fashion brand has done so.
It blamed a further slowing in global demand in the run up to Christmas.
Retail revenue over the 13 weeks to December 30 fell 7% to $900 million.
The brand now expects full-year adjusted operating profit of no more than $586 million - well down from November's forecast.
Markets didn't like what they heard, sending Burberry shares down over 7% after the update.
The warning is a blow to CEO Jonathan Akeroyd, who has launched a turnaround plan as he tries to move the brand upmarket.
Fashion rivals like LVMH and Kering have also reported lower demand for high-end goods.
Conflict in the Middle East has added geopolitical uncertainty to a luxury industry outlook already clouded by inflation.
Shoppers in the U.S. and Europe have also tightened their wallets.
While hopes for a strong post-health crisis rebound in China were hurt by the country's property crisis.
