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Retail revenue slips at Burberry

Burberry’s retail revenue fell by 2% on a reported basis to £719m in the three months to 31 December, but CEO Marco Gobbetti said it was making “good progress” against its strategic objectives.

Like-for-like store sales inched up by 2%, compared with the same period in 2016. 

The luxury brand said it was “on track” to deliver the next phase of its transformation to “re-energise product, communication and customer experience”.

The Asia Pacific region and mainland China recorded mid-single digit growth, and the Americas in the low single-digits.

Europe, the Middle East, India and Africa declined by a low single-digit percentage, impacted by strong comparative sales in the UK, which were buoyed by tourist spend last year after the value of the pound dropped.

Burberry said the guidance for its full-year operating profit remains unchanged, and it will deliver £60m of savings as planned in its 2018 financial year.

Gobbetti said: “We are making good progress embedding our strategic vision into the organisation and remain on track to meet our full-year profit target. We are building on strong foundations and are fully focused on the successful delivery of our multi-year plan to position Burberry firmly in luxury and deliver long-term sustainable value.”

 

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