Luxury goods maker Burberry reported a sharp rise in first quarter sales and forecast and maintained full-year guidance as younger customers were attracted to the brand.
Luxury goods maker Burberry reported a sharp rise in first quarter sales and forecast and maintained full-year guidance as younger customers were attracted to the brand.
The company on Friday said revenue increased 98% year on year to £479m on a constant currency basis.
Comparable store sales rebounded strongly, rising 90% year on year and 1% against 2019 before the Covid-19 pandemic. Full-price sales growth accelerated 26% compared with 2019 driven by new, younger clientele; exited markdowns in digital and mainline stores globally.
Burberry said 2022 guidance remained unchanged except wholesale, which is now expected to increase by approximately 60% year on year in the first half due to a stronger order book.
However, it warned of currency headwinds which would now hit sales by £114m and £40m on adjusted operating profit. Medium-term guidance for high single digit top line growth and meaningful margin improvement “remains firmly on track”.
