Burberry sales jump on China boost
Source: AFP
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British luxury fashion house Burberry on Friday logged a jump in quarterly sales on surging demand in China after the key market lifted Covid restrictions.
Group sales grew 18 percent to £589 million ($772 million) in its first quarter, or three months to the end of June, compared with a year earlier, according to an earnings statement.
The performance was buoyed by a 46-percent surge in Chinese purchases of items including Burberry's handbags and famed trench coats.
"We have made good progress in the quarter... led by the ongoing recovery in mainland China," chief executive Jonathan Akeroyd said in the statement.
"We saw continued strength in our core outerwear and leather goods categories."
He cautioned that Burberry remained "mindful" of the "uncertain macroeconomic environment".
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Burberry said new products designed by creative director Daniel Lee would appear in stores in September.
The British national replaced Italian designer Riccardo Tisci in the role last year.
Despite the upbeat trading update, Burberry's share price dipped 0.2 percent to £21 on the rising London stock market.
"In all, this update represents a strong base for the year on which Burberry can build," said Richard Hunter, head of markets at Interactive Investor.
"The pace of growth, however, is one which investors will be keenly watching."
Source: AFP
