Burberry sales down in Q1 amid shakeup
13/07/2016
Both figures beat expectations from analysts, who had predicted a 5% fall in comparable sales and revenue of £415 million. Burberry said that its adjusted profit would increase by £90 million if exchange rates remain at current levels, taking advantage of a drop in the value of the pound after the UK’s decision to leave the European Union.
Burberry recorded strong sales growth in most countries in the Asia Pacific region and the UK delivered “mid single-digit percentage comparable growth”, making it the brand’s largest European market.
“We continue to focus on managing our business with agility whilst implementing the ambitious evolution of our strategies and ways of working we outlined in May, to position Burberry for long-term growth,” said current CEO Christopher Bailey, who will replaced by Marco Gobbetti in 2017.
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