LONDON (Reuters) – Burberry reported better-than-expected fourth-quarter sales on Thursday, boosted by a rebound in the luxury group’s main market, China, after three years of COVID-19 restrictions.
In the quarter that ended April 1, same-store sales rose 16%, beating analysts’ expectations of a 14% increase, according to a consensus provided by the company. Sales in mainland China increased by 13%.
“We delivered a solid financial performance, supported by good progress in our core leather goods and outerwear categories, with sales accelerating in the fourth quarter on the back of renewed growth in mainland China,” Chief Executive Jonathan Akeroyd said in a statement released Thursday.
The British group’s main competitors, LVMH and Hermes, also reported a rebound in sales in the first quarter, thanks to the recovery in China and Asian markets.
Burberry’s results follow creative director Daniel Lee’s debut collection at London Fashion Week in February, as well as the launch of a new logo and campaign.
(Report Suban Abdulla, Augustin Turpin, edited by Blandine Hénault)
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