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Burberry results in line with expectations

Jan 18, 2017 United Kingdom
Burberry results in line with expectations
Company underlines the 4% increase in retail sales, with confirmation of early results delivered by implemented long-term strategies and efficiency plans
Burberry posted total retail revenue of 735 million British pounds (roughly 852 million euros) for the three months' period ended on the 31st of December 2016. Retail sales increased by 4% underlying (up 22% at reported foreign exchange rates), with comparable sales up by 3%.

Christopher Bailey, Chief Creative and Chief Executive Officer, commented: “With a record number of views of our festive film and strong demand for new products in our collections, this third quarter improvement reflects early progress from our plans to drive Burberry’s performance for the long term.  We continue to take action to position the business for growth over time and our plans to enhance efficiency are on track.”

In terms of geographic performance, low single-digit percentage growth was registered in Asia Pacific, with acceleration in sales posted by mainland China. Double-digit percentage growth in EMEIA, with continued exceptional performance in the UK (comparable sales growth of around 40%).  Continental Europe remained weak, although France saw an improvement compared to quarter two. Low single-digit percentage decline in the Americas.

Digital outperformed with growth in all regions, reflecting strategic focus and investment.  Mobile led the growth, with continued strong traffic and a meaningful improvement in conversion, supported by the launch of new payment methods.
 
By product, fashion again outperformed replenishment and led growth across all categories. Accessories outperformed expectations, led by strength in bags.

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