Burberry reports strong growth
Burberry, the iconic British fashion retailer, has reported that total revenue in the first quarter increased by 34% underlying.
The group said it had benefitted from new store openings and continued global demand for its clothing particularly from countries in Asia.
The majority of the group’s sales growth in the three months to 30 June came from its retail business with sales increasing by 49% to £245 million on an underlying basis. The retailer said that stores it acquired in China last year contributed 20% to this underlying growth, with new space in all regions generating a further 14%.
During the period, the group opened five new stores including Hong Kong, Sydney and Chennai.
Angela Ahrendts, Burberry chief executive, said: “We are pleased with Burberry’s start to the year, with double-digit growth balanced across retail and wholesale and all regions and product categories. Our exceptional team continues to capitalise on our unique British and outerwear heritage, develop our global retail presence and employ innovative digital technology, specifically marketing to the younger luxury consumer.”
Ahrendts added: “While mindful of global macro challenges and increasingly tough comparatives in the balance of the year, we remain confident in our strategies and will continue to invest to drive profitable growth.”
