19 Jul 2022
Burberry has reported revenues of £505 million from trading in the first quarter of the current financial year, the 13 weeks ending July 2, 2022. This represents growth of 5% year on year, writes Leatherbiz.
The London-based brand said comparable store sales were up by 1%, but it insisted this would have been 16% but for lockdowns in China. It also said its performance in China since stores reopened there in June had been “encouraging”.
Comparable store sales in Europe during the quarter were up by 46%. Burberry said spending by non-tourist consumers in European markets over the 13 weeks was above pre-pandemic levels.
New chief executive, Jonathan Akeroyd, said leathergoods had continued to perform well for the brand and that he was confident of being able to “build on our platform for growth”.
In April, the company expanded its Lola handbag range, featuring what it called “experimental designs inspired by our longstanding affinity for the outdoors”.