LUX­URY FASH­ION BRAND BURBERRY POSTS 3 PER­CENT RISE IN RE­TAIL SALES

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Lux­ury Fash­ion re­tailer

Burberry has re­ported re­tail rev­enue of £478 mil­lion (US$613 mil­lion), up +3 per­cent. Com­pa­ra­ble sales in­creased 4 per­cent in the quar­ter with strength in Main­land China driv­ing im­proved, mid-sin­gle-digit per­cent­age growth in Asia Pa­cific. In China, sales growth was in the “mid-teens”. Chi­nese con­sumer con­fi­dence had re­bounded, re­sult­ing in stronger growth in main­land China and Hong Kong. It is the first set of re­sults to be re­ported un­der new chief ex­ec­u­tive Marco Gob­betti. Christo­pher Bai­ley stood down as chief ex­ec­u­tive ear­lier this month to be­come pres­i­dent and chief cre­ative of­fi­cer. High sin­gledigit per­cent­age growth was recorded in EMEIA, led by strength in the UK, while the Amer­i­cas de­liv­ered a low sin­gle-digit per­cent­age de­cline. The fi­nan­cial in­for­ma­tion re­leased by the Bri­tish brand has not been au­dited. The com­pany wants to save at least £100m by 2019 and said it is on track to de­liver £50m in sav­ings in 2018. The rise in sales came af­ter Burberry re­ported a fall in an­nual prof­its for the 2016-17 year.

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