Burberry sales rise 1% amid Chinese ‘covid disruption’
The company stated that it is on track to complete 65 stores in FY23 - 15 of these were completed in Q3 of FY23 and have seen higher AUR and productivity
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
British retailer Burberry has announced that its like for like sales only grew 1% for the 13 weeks ended 31 December 2022 as a result of covid related disruptions in China.
When excluding China, the company’s sales rose 11%. Sales in the EMEIA region increased 19%, driven by sales to tourists. However, sales in the Americas and Asian Pacific fell 1% and 7% respectively.
Burberry posted revenues of £756m for Q3 this year compared with £723m for the same period last year.
It said accessories performed well with the company seeing a double digit growth in leather goods and women’s ready-to-wear sales increased by a mid-teen percentage driven by dresses and knitwear featured in its seasonal campaigns.
The company stated that it is on track to complete 65 stores in FY23. 15 of these were completed in Q3 of FY23 and have seen higher AUR and productivity.
CEO Jonathan Akeroyd said: “Overall, we are pleased with our performance in the third quarter as double-digit revenue growth outside of Mainland China offset the impact of COVID-19-related disruption there. Europe in particular continued to perform well, driven by strong trading over the festive period, and leather goods delivered another quarter of double-digit growth globally.
“We remain confident in our ability to reach our medium-term targets, despite the current macroeconomic environment. We are focused on executing our plan to realise Burberry’s potential as the modern British luxury brand and we look forward to unveiling Daniel Lee’s debut collection for Burberry on our return to London Fashion Week next month.”
