Burberry benefits from sales rebound in China
Luxury brand Burberry has posted a strong full year sales increase after growth rebounded in China in its fourth quarter.
In the 12 months to 1 April, revenue rose by 10% on a reported basis to £3.09 billion while retail comparable store sales increased by 10%.
Meanwhile operating profit grew to £657 million from a previous £543 million.
Jonathan Akeroyd, chief executive of Burberry, said: “I am very pleased with what we have achieved this year. We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in mainland China.
“Having appointed Daniel Lee as our new chief creative officer, we have refocused our brand aesthetic and brought his new creative vision to life with a campaign and runway show that have been very well received.”
During the period, Burberry reorganised its supply chain, merchandising and digital teams under new leaders to drive strategy, and appointed Kate Ferry as its new chief financial officer. It also agreed to acquire a business from an Italian supplier to strengthen its technical outerwear capability, and refurbished or opened 60 stores. It now has around 30% of its full price stores updated.
Looking ahead, Akeroyd said: “While the external environment remains uncertain, I am confident we can achieve our FY24 and medium-term targets as we focus on executing our plan to realise Burberry’s potential as the modern British luxury brand.”
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