A "social retail store" in Shenzhen, China, taking interactions from social media and bringing them into a traditional retail environment. Photo: Burberry
LONDON: British luxury fashion brand Burberry reported stronger-than-expected fourth quarter sales on Thursday, boosted by a rebound in its largest market China following three years of COVID-19 restrictions.
In the quarter to April 1, comparable store sales rose 16%, accelerating from 1% in the third quarter and above a company compiled consensus of 14%. Sales in Mainland China rose 13%.
"We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China," chief executive Jonathan Akeroyd said in a statement on Thursday.
The FTSE 100 group's luxury rivals LVMH and Hermes have also reported a bounce in first quarter sales due to a recovery in China and wider Asian markets.
Burberry's results follow creative director Daniel Lee's first collection at London Fashion week in February as well as the launch of a new logo and campaign. - Reuters
