First Quarter Trading Update and Interim Management Statement
Highlights
- Total revenue £408m, up 11% underlying
- Retail revenue £280m, up 14% underlying
- 6% comparable store sales growth
- Led by UK, France, Germany and Greater China
- Wholesale revenue £102m, up 9% underlying
- Benefiting from earlier deliveries
- Consistent with mid single-digit % underlying growth expected in H1
- Including planned rationalisation in US and Europe
- Licensing revenue £26m, down 5% underlying
- Q1 impacted by phasing of licence terminations
- Full year still expected to be broadly unchanged year-on-year
- Further strategic and operational progress
- Continued elevation of core outerwear and large leather goods
- Strong growth in men's tailoring and accessories
- Six mainline stores opened
- Including fourth store in Brazil and Russell Street in Hong Kong
- Investment in flagship markets continues
- Key openings later this year in London, Milan, Chicago, Hong Kong and Shanghai
Angela Ahrendts, Chief Executive Officer, commented:
"With continued brand momentum, Burberry has delivered a robust first quarter. Revenue was up 11% against a more challenging external environment. Sales in retail, now about 70% of the business, increased by 14%, with initiatives to elevate brand equity balanced by improved store productivity and new space.
Building on our balanced business model and strong operational foundation, we continue to invest in our retail, digital and marketing strategies to drive long-term sustainable growth, while remaining responsive to the changing external environment."
