Marco Gobbetti, Chief Executive Officer, commented: “We are pleased with our performance in the first quarter, while mindful of the work still to do. This is a time of great change for Burberry and the wider luxury industry.”

The company has reported retail revenue of 478 million British pounds, up by 3% underlying (up by 13% at reported). Comparable sales increased by 4% in the quarter with strength in Mainland China driving improved, mid-single-digit percentage growth in Asia Pacific. High single-digit percentage growth was recorded in EMEIA, led by strength in the UK, while the Americas delivered a low single-digit percentage decline.

The financial information released by the British brand has not been audited.

For the financial year 2018, Burberry will focus on productivity from its current store footprint therefore no material contribution from net new space is expected. For the second half of FY 2018 the company currently expects underlying wholesale revenue to be down due to brand control. Refering to the 30th of June effective rates, the expected impact of year-on-year exchange rate movements on FY 2018 reported adjusted PBT is around 25 million British pounds adverse compared to previous guidance for 30 million British pounds adverse at 28th of April effective rates.