18 July 2023
Luxury brand Burberry has announced revenues of £589 million for the first quarter of its current business year, the three months from April to June 2023. This represents an increase of 17% compared to the same period a year earlier, writes Leatherbiz.
Chief executive, Jonathan Akeroyd, said Burberry had made good progress in the quarter. He highlighted “ongoing recovery in China” as one of the main reasons for this progress, with “continued strength in our leathergoods categories” as another.
“While mindful of the uncertain macroeconomic environment, we are confident of achieving our full-year and medium-term guidance,” Mr Akeroyd said.
Burberry’s growth in China was 46% year on year. Comparable store sales of leathergoods were up by 13%.
The brand’s medium-term aim is increase full-year revenues from the £3.1 billion it achieved in the 12 months ending March 2023 to £4 billion.