Burberry’s sales jump in Q1 as China rebounds

British luxury fashion house Burberry has reported an 18 per cent increase in comparable store sales for the first quarter of the year driven by China’s strong rebound. 

Burberry estimates retail revenue during the 13 weeks ended July 1 reached GBP589 million (US$772.2 million). The group said it has benefited from “strong underlying growth” in EMEIA, South Asia Pacific, and Japan as well as the recovery in Mainland China. 

Comparable store sales in Mainland China jumped 46 per cent, followed by Japan and South Asia Pacific with 44 per cent and 39 per cent, respectively. Meanwhile, South Korea remained robust with six per cent growth in line with last year. 

“We have made good progress in the quarter delivering high teens comparable revenue growth led by the ongoing recovery in Mainland China,” said Jonathan Akeroyd, CEO at Burberry. 

The growth, however, was influenced by the brand’s US performance, which dropped eight per cent.

“While mindful of the uncertain macroeconomic environment, we are confident of achieving our FY24 and medium-term guidance,” Akeroyd added. 

Burberry reported US$3.72 billion in revenue for the year to April 1. The group named Daniel Lee as the new chief creative officer last December. 

“We are excited about Daniel’s product arriving in stores in September.”

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