Excluding Mainland China, the group’s sales rose by 11 per cent. Burberry reported 17 per cent growth in the Europe, the Middle East, India and Africa (EMEIA) region, 39 per cent in South Asia Pacific, and 44 per cent in Japan. However, there was a less encouraging dip of 8 per cent in the Americas, and South Korea experienced a relatively modest increase of 6 per cent.
British luxury fashion house Burberry saw an 18 per cent increase in comparable store sales in Q1 FY24, driven by 46 per cent sales growth in Mainland China.
Key categories, outerwear and leather goods, saw sales increase of 36 per cent and 13 per cent respectively.
The company’s retail revenue rose to £589 million in Q1 FY24, a 17 per cent increase YoY.
Comparable store sales for outerwear surged by 36 per cent YoY in Q1 FY24, propelled by the popularity of heritage rainwear. Similarly, leather goods also saw a rise, with comparable store sales increasing by 13 per cent YoY, the company said in a media release.
The Q1 FY24 period also included the reopening of the company’s flagship store on New Bond Street, London. The revamped retail space now offers an immersive shopping experience across all categories. Burberry also refurbished or opened 19 additional stores during the quarter.
Retail revenue for Q1 FY24 was £589 million, a significant rise from £505 million for the same period in the previous year.
Burberry maintained its guidance for the current year, predicting high single-digit revenue compound annual growth rate (CAGR) from the FY20 base. This is expected to equate to low double-digit growth in FY24.
“We have made good progress in the quarter delivering high teens comparable revenue growth led by the ongoing recovery in Mainland China. We saw continued strength in our core outerwear and leather goods categories and are excited about Daniel’s product arriving in stores in September. While mindful of the uncertain macroeconomic environment, we are confident of achieving our FY24 and medium-term guidance,” said Jonathan Akeroyd, CEO.
Fibre2Fashion News Desk (DP)