LUXURY FASHION BRAND BURBERRY POSTS 3 PERCENT RISE IN RETAIL SALES
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.