Burberry boosted by recovery in China
Burberry has posted a 17% increase in first quarter retail sales after benefiting from its ongoing recovery in China,
In the 13 weeks to 1 July, comparable store sales jumped by 18% as the luxury brand performed well in its international markets.
While sales in sales in mainland China rose by 46% in the period, sales in EMEIA, South Asia Pacific, Japan, and South Korea rose by 17%, 39%, 44%, and 6% respectively.
However, sales in the Americas declined by 8%.
The brand’s core categories of outerwear and leather goods performed particularly well.
During the period, Burberry reopened its flagship store on London’s New Bond Street following a refurbishment. Representing an evolution of the brand’s store concept, the flagship aims to offer a more immersive shopping experience with a stronger focus on leather goods.
The brand is now looking ahead to the launch of chief creative officer Daniel Lee’s debut runway collection in stores in September.
Jonathan Akeroyd, chief executive of Burberry, said: “We have made good progress in the quarter delivering high teens comparable revenue growth led by the ongoing recovery in Mainland China. We saw continued strength in our core outerwear and leather goods categories and are excited about Daniel’s product arriving in stores in September. While mindful of the uncertain macroeconomic environment, we are confident of achieving our FY24 and medium-term guidance.”
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