Burberry full price sales accelerate
Burberry has posted a 5% rise in third quarter retail revenue after full price sales accelerated in the period.
The luxury brand said the performance in the 13 weeks to 25 December was driven by a strengthening of its position with younger consumers, ongoing strength in its Americas region and a material improvement in Asia Pacific and EMEIA.
Full-price comparable store sales were up 26% on the same period two years ago before the pandemic struck, although comparable store sales fell by 3% due to a planned exit of markdown.
Burberry said its new store concept is transforming how customers experience its brand and products. It now has 31 stores featuring the new design including a flagship store in Shanghai.
Commenting on the quarter’s performance, Gerry Murphy, chair of Burberry, said: “Full-price sales continued to grow at a double-digit percentage compared with two years ago, accelerating from the previous quarter and reflecting a higher quality business. Our focus categories outerwear and leather goods performed strongly as we continued to attract new, younger consumers to the brand. Despite the ongoing challenges of the external environment, we are confident of finishing the year strongly and providing an excellent platform on which to build when our new chief executive Jonathan Akeroyd joins in April.”
The company is now expecting full year adjusted operating profit to grow in the region of 35% at constant exchange rates which is ahead of analysts’ expectations.
