Burberry sales rise 3% to £478m in first quarter

12 July, 2017, 12:47 | Author: Terri Saunders
  • Burberry

Burberry posted a solid first quarter this morning of trading as Marco Gobbetti, the new chief executive, finally began in his new role.

Burberry's retail revenue on an underlying basis rose 3% to 478 million pounds ($615.6 million) in the fiscal first quarter ended June 30 compared with the same period a year ago.

Growth was largely driven by a strong sales in the United Kingdom and China, where shoppers continue to take advantage of the discounted luxury items due to the weakened pound.

Some investors have been unhappy about the pay of executives, including Brown and Bailey, who continues to be Burberry's creative driving force.

"I am delighted to have started as Burberry CEO. I look forward to building on the foundations Christopher (Bailey) and the team have put in place and creating new energy to drive growth".

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The company has announced plans to deliver at least £100 million in cost savings by 2019 as part of a turnaround plan to be carried out by Mr Gobbetti, and Burberry added that it is on track to deliver £50 million in savings in 2018.

It said its guidance for full-year pretax profit was unchanged, although exchange rates were forecast to have a 25 million pound adverse impact, an improvement on its previous forecast of a 30 million pound hit.

Steve Clayton, fund manager at HL Select UK Growth Shares, noted that "The company says they are seeing "top customers returning" to their stores".

Chief Financial Officer Julie Brown said Chinese consumer confidence had rebounded, resulting in stronger growth in mainland China and Hong Kong.

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