Burberry ‘builds momentum’ in third quarter
Burberry has delivered a 3% rise in comparable store sales in its third quarter.
The uplift followed an increase of 2% in the luxury brand’s second quarter trading period.
Subscribe to TRBIn the 13 weeks to 27 December, retail revenue increased by 1% to £665 million. Burberry said the quality of revenue was higher across all channels and regions as it returned to a “shorter, shallower and more discreet” markdown period compared to the prior year. Hero categories, including outerwear and scarves, all performed well.
During the period, the brand saw double digit growth in Gen Z customers in Greater China and Asia Pacific as it extended its reach to younger consumers across all regions. This helped Greater China and Asia Pacific sales to grow by 6% and 5% respectively.
While sales in the Americas rose by 2% with new and local customer growth, trading in Burberry’s EMEIA region was flat with local demand offsetting declines in tourist spend.
Joshua Schulman, chief executive of Burberry, said: “During the festive quarter, we continued to build momentum with our Burberry Forward strategy , delivering sequential improvement in comparable sales growth and an improved quality of revenue across channels and geographies.
“Our customers responded to our immersive Timeless British Luxury campaigns and experiences while the continued strength in our core outerwear category is now extending into accessories and ready-to wear. As we move into 170 years of Burberry, these results reaffirm the enduring strength of our iconic brand and give us confidence in the path ahead.”
