Q1 2018 comparable sales increase 4% at Burberry

13 Jul '17

1 min read

The comparable sales for Q1 2018 at global luxury brand Burberry has increased by 4 per cent. However, timing of store footprint changes in the quarter resulted in lower average space year-on-year, reducing revenue by 1 per cent. For the second half of 2018, Burberry expects underlying wholesale revenue, excluding beauty, to be down due to brand control.

"I am delighted to have started as Burberry CEO. We are pleased with our performance in the first quarter, while mindful of the work still to do. This is a time of great change for Burberry and the wider luxury industry. I look forward to building on the foundations Christopher and the team have put in place and creating new energy to drive growth," said Marco Gobbetti, chief executive officer.

Retail sales increased 3 per cent underlying (up 13 per cent at reported FX). The total underlying licensing revenue for FY 2018 is still expected to be up by approximately 20 per cent year-on-year including the impact of beauty. For the remaining period of financial year 2018, Burberry will focus on productivity from its current store footprint therefore no material contribution from net new space is expected. (RR)

Fibre2Fashion News Desk – India

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