Upscale retailer and brand Burberry has reported a quarterly sales uplift and said its strategy is “working”.
Burberry’s comparable retail sales advanced 5% in the first quarter to June 27, led by the Americas and Greater China, which were up 12% and 9% respectively. In Europe, the Middle East and Africa sales slid 3% as the Middle East conflict took a toll. Retail revenue came in at £455m.
Burberry said that its “product and pricing strategy is working, delivering value for money in a luxury context across each category and good/better/best price tiers”.
The retailer also attracted more Gen-Z customers – “up double-digit” – and its Portraits of an Icon marketing campaign drew new shoppers.
Burberry chief executive Joshua Schulman said: “I am pleased with our progress in the first quarter and the momentum we are building with Burberry Forward.
“For the first time in three years, we saw growth across our womenswear, menswear, accessories and childrenswear divisions, anchored by the outperformance of outerwear.
“Our strategy is working. We are attracting a broad range of luxury customers across product categories, channels and geographies, reinforcing my confidence in the opportunities ahead.”
Burberry said that although it is “mindful of the uncertain geopolitical and macroeconomic environment and its potential impact on consumer confidence”, it expected sales growth and margin expansion in line with expectations for the full year.
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