Burberry group like-for-likes edged up 2% over the golden quarter, but tough comparatives led to a high single-digit percentage sales fall in the UK.
The luxury fashion group achieved 40% sales growth in the UK in Christmas 2016 as tourists raced to pick up a bargain following the post-Brexit vote-induced slump in the pound.
The impact led to sales in EMEIA – Europe, Middle East, India and Africa – to dip by a low single-digit percentage.
Global retail revenue slipped 2% to £719m in the quarter to December 31.
The Asia Pacific region grew by a mid-single-digit percentage, as did Mainland China, while sales in the Americas region edged up a low single digit.
New product gains plaudits
Fashion was Burberry’s standout performer over the golden quarter as customers responded positively to new categories.
The retailer said its top-spending customers had led growth. It called out its “deeper, more personalised” service for aiding these shoppers.
Burberry set out its transformation plan in November under new chief executive Marco Gobbetti. He plans to turn around Burberry by re-energising its product, communication and customer experience.
Gobbetti said: “We are making good progress embedding our strategic vision into the organisation and remain on track to meet our full-year profit target.
“We are building on strong foundations and are fully focused on the successful delivery of our multi-year plan to position Burberry firmly in luxury and deliver long-term sustainable value.”