British luxury fashion brand Burberry on Friday reported an 18% rise in its first-quarter comparable store sales, in line with market expectations thank to continued recovery in China.
Sales in mainland China, its biggest market, were up 46% in the 13 weeks to July 1, reflecting the country's emergence from COVID-19 lockdowns last year, Reuters said.
The FTSE 100 group's trading statement said that sales in Europe rose 17% but the Americas remained a weak spot, with quarterly sales down 8%, broadly in line with the previous quarter.
CEO Jonathan Akeroyd said outerwear and leather goods were performing well and he was excited about new products from designer Daniel Lee arriving in stores in September.
Lee, who joined in September, unveiled his debut collection at London Fashion Week in February.
Like-for-like leather goods sales increased 13%, with women's bags, especially the Frances shapes and vintage Burberry check performing well, the company said.
The 167-year-old business, known for its trench coats, reiterated its guidance for the 2024 financial year of low double-digit revenue growth.
China Drives Burberry First-quarter Sales Jump
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
China Drives Burberry First-quarter Sales Jump
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
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