Burberry beats Q1 forecasts
Luxury fashion group Burberry said total revenue was up 24% underlying (up 30% reported) in the three months to end-June 2010.
Total sales jumped 27%, or 21% at constant exchange rates, to £291m in the three months to 30 June, although they grew 30% (24%) to £282m excluding the Spanish business.
Retail sales grew 21% (16%) to £171m and the wholesale business improved 51% (46%) to £87m. Like for like sales were up 10%. Angela Ahrendts, CEO, commented: “With double-digit sales growth in both retail and wholesale, Burberry has delivered a strong start to the year. The clear momentum in the business and our robust financial position together reinforce our confidence to increase investment for the future, while continuing to enhance the brand.
We plan to open between 20 and 30 stores in the current financial year, predominantly in the Americas and Asia Pacific. Our continued investment in industry-leading digital, service and product initiatives will further increase awareness, traffic and sales, to drive long-term profitable growth for all our stakeholders.”
