Burberry: making 'good progress' on strategic targets

(CercleFinance.com) - Burberry said it made "good progress" on its strategic targets over the past quarter, citing strong growth in China, as well as in leather and outerwear products.


The British luxury house said that retail comparable store sales declined 9% in its third quarter ended 26 December, due to lower tourist traffic in its stores. However, it also highlighted "high single-digit full-price sales growth."

"We saw a strong increase in full-price sales as our collections and communication resonated well with new, younger clientele as well as existing customers," said CEO Marco Gobbetti.

The company said it remains encouraged by the strong underlying outperformance of full-price sales and that it expects continued progress on strategic objectives in the current quarter, helped by channel mix changes and lower inventory provisions.

"While the short-term outlook remains uncertain due to COVID-19, we are well placed to accelerate when the pandemic eases," Marco Gobbetti said.

The London-listed shares jumped over 5% after the report.

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