Burberry posts 3% rise in second half like-for-like sales
Luxury fashion brand Burberry has reported that its like-for-like sales rose by 3% in the second half of its financial year as the company put in an “exceptional” performance in the UK.
In the six months to 31 March, retail revenue was up 3% on an underlying basis to £1.268 billion. When reported at currency exchange rates, retail revenue rose by 19%.
Mainland China delivered high single-digit percentage growth but sales in Hong Kong declined as negative footfall was only partially offset by improved conversion.
The company said it achieved strong growth in the UK while sales in continental Europe improved through the half, particularly in France, while the Middle East remained challenging.
Meanwhile, there was a mid single-digit percentage decline in the Americas as the relative strength of the US dollar drove a strong increase in sales from US customers abroad, while demand in the US declined.
Christopher Bailey, chief creative and executive officer at Burberry, said: “In an uncertain environment, we continue to take action to strengthen the brand and reposition Burberry for growth. The outperformance of fashion and the strong customer response to new products underline our renewed creative momentum.”
Burberry said its digital sales continued to climb in the period as the company benefited from strong traffic and improved conversion. Mobile delivered the majority of the growth.
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