(Sharecast News) – Burberry Group reiterated its full-year guidance on Friday after a resurgent China helped lift first-quarter sales.
The luxury fashion brand said retail sales in the 13 weeks to 1 July rose 17% to £589m, or by 18% on a like-for-like basis. On a constant exchange rate basis, sales were 19% higher.

Within that, sales in mainland China surged 46%, as the country – one of the world’s biggest markets for luxury goods – continued to rebound from stringent Covid lockdowns last year.

Burberry also saw strong sales in South Asia Pacific, up 39%, and Japan, ahead 44%, while in Europe, the Middle East, India and Africa they sparked 17%. They fell 8% in the Americas, however.

Jonathan Akeroyd, chief executive, said: “We have made good progress in the quarter delivering high teens comparable revenue led by the ongoing recovery in mainland China. We saw continued strength in our core outerwear and leather goods categories, and are excited about Daniel [Lee’s] product arriving in stores in September.

“While mindful of the uncertain macroeconomic environment, we are confident of achieving our 2024 full-year and medium-term guidance.”

Burberry – which appointed Lee chief creative officer last September – is forecasting a high single-digit revenue compound annual growth rate, equating to low double-digit growth in the 2024 full year and around 20% operating margin at 2020 constant exchange rates.

However, the blue chip expects to see a currency headwind of £150m to revenue and around £70m to adjusted operating profit based on current exchange rates.

Related articles

UP Global Sourcing opens new Paris showroom

UP Global Sourcing opens new Paris showroom

(Sharecast News) - UP Global Sourcing announced the opening of a new showroom in Paris on Monday as part of its drive into the continental European market. The London-listed company, which trades as Ultimate Products and oversees a brand portfolio including Salter and...

HgCapital agrees sale of stake in Silverfin

HgCapital agrees sale of stake in Silverfin

(Sharecast News) - HgCapital Trust has agreed to sell Silverfin, a leading cloud platform designed for accountants, to cloud software specialist Visma, it announced on Monday. The FTSE 250 firm said that while specific terms of this deal were confidential, completion...

Latest Articles

US open: Stocks open flat as bond yields continue to rise

US open: Stocks open flat as bond yields continue to rise

(Sharecast News) - US stocks were swinging between gains and losses early on with little newsflow to drive the direction either way, with the S&P 500 taking a breather after hitting a three-month low last week. By 1000 in New York, the Dow Jones Industrial Average was...

UP Global Sourcing opens new Paris showroom

UP Global Sourcing opens new Paris showroom

(Sharecast News) - UP Global Sourcing announced the opening of a new showroom in Paris on Monday as part of its drive into the continental European market. The London-listed company, which trades as Ultimate Products and oversees a brand portfolio including Salter and...

Japan’s long-term value is getting unlocked 

Japan’s long-term value is getting unlocked 

Written by Junichi Takayama, Japan Equity Investment Director, Nikko Asset Management  Japan has experienced quite a year so far. One of the highlights occurred in April, with a visit by Warren Buffett of Berkshire Hathaway. The timing of this visit, ahead of Japan’s...

HgCapital agrees sale of stake in Silverfin

HgCapital agrees sale of stake in Silverfin

(Sharecast News) - HgCapital Trust has agreed to sell Silverfin, a leading cloud platform designed for accountants, to cloud software specialist Visma, it announced on Monday. The FTSE 250 firm said that while specific terms of this deal were confidential, completion...

Join our mailing list

Subscribe to our mailing list to receive regular updates!

No Fields Found.
x