Burberry raises full year guidance following popularity of new lines
Burberry has raised its full year guidance after its new collections proved popular with customers in its third quarter.
Comparable store sales climbed by 3% in the period while retail revenue edged up 2% at constant exchange rates to £719 million.
While sales in Burberry’s Asia Pacific region increased by a low single digit percentage due to growth in mainland China, EMEIA sales rose by a high single digit percentage after trading was boosted by tourist spend.
Marco Gobbetti, Burberry chief executive, said: “This was another good quarter as new collections delivered strong growth and we continued to shift consumer perceptions of our brand and align the network to our new creative vision. While mindful of the uncertain macro-economic environment, we remain confident in our strategy and the outlook for FY 2020.”
Burberry said its new product ranges performed well and now account for around 75% of its mainline retail store offering.
The company is increasing its focus on Chinese shoppers by taking its runway show to Shanghai in April and opening a first social retail store in Shenzhen.
Burberry now expects its full year total revenue to grow by a low single digit percentage at constant exchange rates compared to its previous guidance of broadly stable.
