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Burberry reported strong results on Wednesday, with sales up 5% year-on-year, sending its stock soaring.
British luxury group Burberry reported sales for the third quarter ended December 25 at 723 million pounds, and the group expects adjusted annual operating profit to be up 35% at constant exchange rates. “We have continued to strengthen our position with new, younger customers” and “increased sales at full price“, the group commented in a statement.
The group reports a good performance in the Americas and an improvement in Asia-Pacific. “Tourism accounted for 40% of sales in EMEA before Covid, which means that until the skies are full of travelers again, performance will be weighted down,” notes Sophie Lund-Yates, an analyst at Hargreaves Lansdown. “Burberry is in a better position than many had feared. With inflation on the rise, the brand is also better positioned than others. Luxury customers tend to be unaffected by the ups and downs of the economy,” she adds.
Sales “at full price have accelerated significantly in the third quarter,” said the firm, which will be led from April by Jonathan Akeroyd, who has headed Versace for nearly six years. Sales in Asia increased by 22% compared to the same quarter two years ago, and by 5% compared to the previous three months, thanks to strong sales of coats, fleece jackets and the Lola bag. In Europe, sales were down 4% from two years ago, due to low tourist numbers, which accounted for 40% of Burberry’s pre-pandemic sales.
Read also> BURBERRY AND TOD’S GROUPS ANNOUNCE QUARTERLY RESULTS
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Burberry reported strong results on Wednesday, with sales up 5% year-on-year, sending its stock soaring.
British luxury group Burberry reported sales for the third quarter ended December 25 at 723 million pounds, and the group expects adjusted annual operating profit to be up 35% at constant exchange rates. “We have continued to strengthen our position with new, younger customers” and “increased sales at full price“, the group commented in a statement.
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Burberry reported strong results on Wednesday, with sales up 5% year-on-year, sending its stock soaring.
British luxury group Burberry reported sales for the third quarter ended December 25 at 723 million pounds, and the group expects adjusted annual operating profit to be up 35% at constant exchange rates. “We have continued to strengthen our position with new, younger customers” and “increased sales at full price“, the group commented in a statement.
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