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Burberry first-quarter comparable sales rise 3%; affirms FY guidance

StockMarketWire.com

UK fashion brand Burberry said like-for-like revenue rose 3% in its fiscal first quarter after growth in Asia and the Americas offset weakness at home.

On a reported basis, however, sales were broadly flat at £479m.

Regional sales growth was mixed as softer tourist demand weighed on the performance in both the UK and Continental Europe, the company said.

Burberry said its performance in the Middle East remained weak amid ongoing instability in the region.

On the brighter side, a shift in Chinese spending to Asian tourist destinations supported mid-single digit percentage sales growth in the Asia Pacific region. Improvements were notable across Mainland China and Hong Kong, Korea and Japan.

Sales growth in Americas grew by a high single-digit percentage amid positive footfall in the US.

Burberry said it luxury leather goods acquisition was proceeding as planned, and confirmed its Farfetch collaboration was performing ahead of expectations.

The fashion brand's chief creative director Riccardo Tisci is slated to debut his collection in September.

Burberry maintained its guidance at constant currency for fiscal 2019 and said it remained on track to deliver cost savings of £100m. Story provided by StockMarketWire.com