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The British luxury house unveiled a good fourth quarter, closed on April 1, buoyed by the rebound in the Chinese market. The London Stock Exchange fell in the wake.
Burberry started 2023 well. But the revelation yesterday Thursday of its good performance in the fourth quarter of its 2022-2023 fiscal year (closed on April 1) did not prevent its share price from picking up 6% on the London Stock Exchange on the same day.
Jonathan Akeroyd, who ended 2021 the general management of the famous House, which is the embodiment of “modern British luxury”, has unveiled positive news. And only a few months after the new artistic director, Daniel Lee, presented his first collection in February in the British capital.
Net rebound from China
Driven by a clear rebound in its main destination, the Chnois market, Burberry achieved a 10% increase in turnover to 3.1 billion pounds. Its comparable in-store sales even increased by 16%, when the consensus of analysts quoted by the company predicted “only” 14%.
The group’s net profit share rose from 24% to 490 million pounds.
Decline in America
Burberry’s success, however, was not homogeneous. While sales were very buoyant (+13%) in mainland China, they dropped by 7% in America. The consequence of a resumption of American travel (encouraged by the strong dollar), and purchases made more abroad than in their domestic market, but also the fact that they buy less entry-level products, explained the British claw.
“We delivered strong financial performance, supported by sales gains in our leather products and outdoor clothing categories, with revenues accelerating in the fourth quarter thanks to the recovery in China“, welcomed Jonathan Akeroydl. As a result, he also expressed his confidence in the firm’s “ability” to reach its objectives for the 2023/2024 fiscal year, that is to say, sales of 4 billion pounds at constant exchange rates, and this “despite a still uncertain environment“.
Combination of explanations
But if the London Stock Exchange did not align itself with the optimism of the Burberry CEO, it is for a combination of reasons according to analysts interviewed by the economic press. Some argued that investors took their profits while Burberry’s price had jumped by almost 60% since early 2023, others saw it as a disappointment compared to the even more dazzling results of luxury giants Lvmh and Hermès, or a fear of the American market.
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The British luxury house unveiled a good fourth quarter, closed on April 1, buoyed by the rebound in the Chinese market. The London Stock Exchange fell in the wake.
Burberry started 2023 well. But the revelation yesterday Thursday of its good performance in the fourth quarter of its 2022-2023 fiscal year (closed on April 1) did not prevent its share price from picking up 6% on the London Stock Exchange on the same day.
Jonathan Akeroyd, who ended 2021 the general management of the famous House, which is the embodiment of “modern British luxury”, has unveiled positive news. And only a few months after the new artistic director, Daniel Lee, presented his first collection in February in the British capital.
Net rebound from China
Driven by a clear rebound in its main destination, the Chnois market, Burberry achieved a 10% increase in turnover to 3.1 billion pounds. Its comparable in-store sales even increased by 16%, when the consensus of analysts quoted by the company predicted “only” 14%.
The group’s net profit share rose from 24% to 490 million pounds.
Decline in America
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The British luxury house unveiled a good fourth quarter, closed on April 1, buoyed by the rebound in the Chinese market. The London Stock Exchange fell in the wake.
Burberry started 2023 well. But the revelation yesterday Thursday of its good performance in the fourth quarter of its 2022-2023 fiscal year (closed on April 1) did not prevent its share price from picking up 6% on the London Stock Exchange on the same day.
Jonathan Akeroyd, who ended 2021 the general management of the famous House, which is the embodiment of “modern British luxury”, has unveiled positive news. And only a few months after the new artistic director, Daniel Lee, presented his first collection in February in the British capital.
Net rebound from China
Driven by a clear rebound in its main destination, the Chnois market, Burberry achieved a 10% increase in turnover to 3.1 billion pounds. Its comparable in-store sales even increased by 16%, when the consensus of analysts quoted by the company predicted “only” 14%.
The group’s net profit share rose from 24% to 490 million pounds.
Decline in America
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