BURBERRY REVENUE RISES DESPITE COVID IMPACT ON CHINA SALES
25 January 2023
Strong trading in Europe over the Christmas period has boosted luxury fashion brand Burberry but sales in Mainland China have been impacted by Covid-19-related disruption.
In a trading update, the listed company reported retail revenue of £756m for the 13 weeks to 31 December 2022, compared to £723m in the comparable period of 2021.
Comparable store sales increased by 1 per cent, impacted by Covid-19-related disruption in Mainland China. Excluding Mainland China, sales grew 11 per cent.
Burberry said accessories had continued to perform well, with double-digit comparable growth in leather goods. Women's ready-to-wear comparable sales also increased, supported by dresses and knitwear featured in its seasonal campaigns.
Jonathan Akeroyd, chief executive at Burberry, said: "Overall, we are pleased with our performance in the third quarter as double-digit revenue growth outside of Mainland China offset the impact of Covid-19-related disruption there. Europe in particular continued to perform well, driven by strong trading over the festive period, and leather goods delivered another quarter of double-digit growth globally.
"We remain confident in our ability to reach our medium-term targets, despite the current macro-economic environment. We are focused on executing our plan to realise Burberry's potential as the modern British luxury brand and we look forward to unveiling Daniel Lee's debut collection for Burberry on our return to London Fashion Week next month."
More information and source here: Burberry revenue rises despite Covid impact on China sales | Yorkshire Manufacturing News (insidermedia.com)