Burberry posts 21% rise in revenues
UK luxury goods firm Burberry has posted a 21% rise in revenues for its third quarter with outerwear and large leathergoods driving growth.
For the three months to December 31, revenue at brand rose by 21% from £470 million to £574 million.
Retail revenue jumped 23% from £335 million to £417 million, with like-for-like store sales up 13%. Burberry said major markets including London, Paris, Beijing and Hong Kong outperformed.
Across the retail arm core outerwear and large leathergoods drove half the growth with knitwear, men’s accessories and tailoring also growing strongly.
During the period, Burberry opened six mainline stores including a key store in Paris. Chief financial officer Stacey Cartwright said the new Burberry flagship on Regent Street was on schedule to open “just ahead of the Olympics”.
She said: “Essentially it’s going to be the largest store in our portfolio. It’s going to have some fun new concepts there. This is our home market and we want to ensure it is a beautiful store with our full digital offering.”
Ms Cartwright said that although Burberry remained mindful of the macro-economic conditions it would not change forecasts for the year with profit before tax for the full year expected to reach £375 million.
