Burberry returns to growth in China
Burberry has announced flat sales for its third financial quarter, and is cautious in its outlook for this year, the luxurys sector as “uncertain”.
Leathergoods were popular with Christmas shoppers, and outperformed apparel again.
Retail revenue of £603m was up 1%; comparable sales were unchanged year-on-year, an improvement from down 4% the previous quarter. Excluding Hong Kong and Macau, revenues rose 3%.
CEO Christopher Bailey said: "In a tougher environment than expected, our sustained focus on growth and cost control drove a number of positive results over the quarter, including the outperformance of digital and a return to growth in mainland China. While Burberry was impacted by the ongoing challenges facing the luxury sector, headwinds in Hong Kong and Macau masked an otherwise stronger performance in many markets.
“The outlook for our sector remains uncertain as the consumer and environment evolve. However, we are anticipating and responding to these changes through an intense focus on new growth opportunities and the acceleration of our productivity and efficiency agenda."
