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Revenue ticks up at Burberry

Retail revenue at Burberry rose 3% to £478m in the three months to 30 June 2017.

Like-for-like sales were up 4% during the period, helped by a strong performance in the UK and growth in mainland China.

But Burberry said Korea, Italy and the Middle East remained challenging markets due to wider economic factors.

The British luxury label added it was on track to deliver cost savings of £50m in the next financial year. It plans to transfer around 300 roles to a new office in Leeds later this year to further streamline costs.

New chief executive officer Marco Gobbetti, who took up the post at the start of this month, said: “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 sector.”

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