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Burberry Fourth Quarter Sales Jump 16% as China Rebounds

People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley
People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley
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Burberry Fourth Quarter Sales Jump 16% as China Rebounds

People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley
People wearing protective masks walk past a Burberry store at Covent Garden, following the outbreak of the coronavirus disease (COVID-19) in London, Britain June 15, 2020. REUTERS/John Sibley

British luxury fashion brand Burberry (BRBY.L) reported stronger-than-expected fourth quarter sales on Thursday, boosted by a rebound in its largest market China following three years of COVID-19 restrictions.

In the quarter to April 1, comparable store sales rose 16%, accelerating from 1% in the third quarter and above a company compiled consensus of 14%. Sales in Mainland China rose 13%, Reuters reported.

"We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China," chief executive Jonathan Akeroyd said in a statement on Thursday.

The FTSE 100 (.FTSE) group's luxury rivals LVMH (LVMH.PA) and Hermes (HRMS.PA) have also reported a bounce in first quarter sales due to a recovery in China and wider Asian markets.

Burberry's results follow creative director Daniel Lee's first collection at London Fashion week in February as well as the launch of a new logo and campaign.

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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)

LVMH, the world's biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates, and likely adding to investor jitters about slowing growth in the sector.

Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.

The figure fell below analyst expectations for revenues of 21.6 billion euros, according to an LSEG poll based on six analysts.

The report from luxury sector bellwether LVMH, which is Europe's second-largest listed company, worth around 340 billion euros, comes amid concerns about weak sales of designer fashions in the sector's key market, China.

The group's fashion and leather goods division, which includes the Louis Vuitton and Christian Dior brands and accounts for nearly half of group sales and the bulk of operating profit, grew 1%, slowing slightly from the previous quarter's 2% rise.

"While remaining vigilant in the current context, the group approaches the second half of the year with confidence," said LVMH Chairman and Chief Executive Officer Bernard Arnault in a statement.