Burberry extends growth streak to fifth straight quarter
Burberry has reported a 4% rise in comparable retail sales in both its first half and second quarter to mark its fifth consecutive quarter of growth.
The luxury fashion brand said the result for the 26 weeks to 26 September reflected continued progress with its Burberry Forward strategy.
Subscribe to TRBSales in the womenswear, menswear, childrenswear and accessories categories all increased in the half year. Outerwear saw double-digit growth, which Burberry said showed its authority in the category all year round.
Leather goods performed well in the first half, with growth accelerating in the second quarter. Store productivity also improved, helped by category destinations within stores.
Meanwhile, wholesale revenue climbed by 17%, ahead guidance, which Burberry said reflected the confidence of its strategic partners.
Adjusted operating profit grew to £62 million from £19 million a year earlier. Reported operating profit came in at £54 million compared to a loss of £18 million at the same time last year.
Joshua Schulman, chief executive of Burberry, said: “Two years ago, we launched Burberry Forward. Today, our brand and our business are stronger.
“Five consecutive quarters of growth and improved quality of sales demonstrate that our strategy is working. In H1, we delivered growth across womenswear, menswear, childrenswear and accessories in an uncertain environment.
“Having laid the foundations for growth, I am more confident than ever that we will realise the full potential of this extraordinary British luxury brand.”
