Burberry records marginal growth in first quarter

ELIAS JAHSHAN | July 11, 2018

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Burberry has started its new financial year with an uptick in like-for-like sales, but the figure is a slowdown compared to the same period last year while retail revenue remained fairly flat.For its first quarter period ending June 30, the luxury British retailer’s retail like-for-like sales rose three per cent compared to the four per cent growth recorded in the same period a year earlier. Meanwhile, retail revenue growth was largely unchanged, at £479 million compared this year compared to the £478 million recorded last year year. At constant exchange rates, retail revenue increased three per cent. Burberry said its sales in the UK and Europe had been knocked due to weaker tourist demand, but Chinese tourists had lifted sales in Hong Kong, Korea and Japan. Despite this, its growth was in line with forecasts ahead of the launch of the first collection from its new chief creative officer Riccardo Tisci in September.

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