Burberry revenues surge in Q1 results

Fashion retailer Burberry has reported a 4% increase in retail revenue to £498m for the 13 weeks ending 29 June, driven by an “excellent” consumer response to newly designed products from designer Riccardo Tisci.

Like-for-like sales also jumped 4% during the period, and the retailer’s EMEIA grew by a “low-single digit percentage” supported by tourist spend, which it said particularly benefited the UK.

Additionally, 23 stores incorporated its new “creative vision” by the end of the quarter and a cumulative nine of the 38 smaller, non-strategic stores previously announced for rationalisation have now been closed.

CEO Marco Gobbetti said: “This was a good quarter in our multi-year journey to transform Burberry. We increased the availability of products designed by Riccardo, while continuing to shift consumer perceptions of our brand and align our network to our new creative vision.

“The consumer response was very promising, delivering strong growth in our new collections. We are on track with our plans and we confirm our outlook for FY 2020.”