BURBERRY HAILS “EXCELLENT START” AS Q1 SALES RISE
22 July 2021
Luxury fashion brand Burberry has hailed an "excellent start" to its financial year after successfully attracting new customers.
In a trading update, the listed company reported retail revenue of £479m for the 13 weeks ending 26 June 2021, up 86 per cent from £257m in the same period of 2020.
Comparable store sales grew by 90 per cent during the period, with full-price sales growth within stores of 26 per cent.
Following the end of the quarter, Burberry opened its first flagship store carrying its new global design concept in Sloane Street, London, with three more flagships to follow over the next year.
Marco Gobbetti, who is set to step down as Burberry chief executive at the end of the year, said: "We have made an excellent start to the new fiscal year. Full-price sales accelerated as our collections and campaigns attracted new, younger luxury customers to the brand. We saw strong growth across our strategic categories, in particular leather goods and outerwear, and exited markdowns in digital and mainline stores.
"We continued to roll out our new store concept that will transform how customers experience our brand and product in a uniquely British luxury setting. Despite the continuing challenging external environment, we are very pleased with the progress against our strategy. With the company firmly set on a path of growth and acceleration, we are confident of achieving our medium-term goals."
Burberry has manufacturing operations in Castleford and Keighley, as well as a shared services centre in Leeds.