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Burberry holds steady as repositioning continues

Burberry has reported flat sales as its repositioning continues under chief executive Marco Gobbetti and new creative director Riccardo Tisci.

Retail revenues edged down 1% to £711m for the 13 weeks to 29 December 2018, but its like-for-like store sales rose 1%.

It reported a strong performance in Asia Pacific and Europe during the period, where it benefited from an increase in tourist spend.

Tisci showed his debut collection for Burberry at London Fashion Week in September 2018, and the collection is set to launch into stores from February. The brand said wholesale clients “responded positively” to the products.

Gobetti said Burberry was “building heat” around its new direction, and stressed that the brand’s transformation, which includes £100m in cost savings, was still in the early stages.

“I am pleased with our progress in the quarter as we continued to build brand heat around our new creative vision and shift consumer perception of Burberry,” he said.

“Excitement is growing ahead of next month’s launch of Riccardo’s debut collection. We will continue to manage the business dynamically as we reposition the brand. We confirm our outlook for the full year.”

The business revealed plans to remodel 10 of its key flagship stores over the next year, as well as continuing to pull back from “non-luxury” wholesale accounts. 

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