LONDON (Reuters) – British luxury group Burberry said on Friday its first-quarter same-store sales rose 1% from a year earlier, constrained by COVID-19-related lockdowns in China, its most big market.
Excluding mainland China, the company reported a 16% increase in same-store sales, including a 47% increase in Europe, Middle East, India and Africa.
Burberry, known for its camel-colored trench coats, red and black check pattern and TB monogram, said its performance in China since reopening its stores in June was “encouraging”, and that it was dealing with problems linked to inflation.
Jonathan Akeroyd, Group Chief Executive, said: “Our performance in the quarter continued to be impacted by the lockdowns in mainland China, but I was pleased to see that our more localized approach led to a recovery in EMEIA. (Europe, Middle East, India and Africa), where spending by local customers has exceeded pre-pandemic levels.”
Same-store sales in the Americas fell 4% from the same period last year.
The medium-term objective of growth close to 10% (“high single-digit”) in turnover and 20% in margins remains unchanged.
(Report Paul Sandle; French version Valentine Baldassari, edited by Kate Entringer)
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