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Burberry beats third-quarter sales expectations as it steams ahead with turnaround
Burberry's Q3 sales rose 3% driven by double-digit growth from Gen Z in China and stronger full-price sales, boosting shares by over 4%, CEO Schulman said.
- Burberry said in a trading update on Wednesday that revenue rose three percent to £665 million, beating estimates and lifting shares in the London market to 12.73 pounds.
- Under Chief Executive Joshua Schulman, Burberry's turnaround launched last year leaned on Gen Z shoppers in China and across Asia-Pacific, with China accounting for half of global luxury spending.
- Greater China led growth with comparable store sales up 6 percent driven by local spending, Asia-Pacific sales rose 5 percent, and the Americas grew 2 percent.
- Burberry confirmed its full-year outlook, saying revenues are expected to decline between 0% and 3%, adjusted operating profit will be in line with consensus, and a £80 million cost-saving programme launched in November 2024 aims to save including via job reductions.
- Deutsche Bank analysts noted, `This Burberry print should provide some relief for the luxury sector given the sequential improvement in Greater China,` and highlighted a-3% headwind from the non-repeat of last year's markdowns.
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The British company had a bill of 665 million pounds for the third trimester of tax.
·Brazil
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ABC FOX Montana+6 Reposted by 6 other sources
Burberry sales rise as China demand improves
Burberry posted a slight rise in sales on Wednesday, as the British luxury fashion label's turnaround plan showed signs of progress, helped by improving demand in its crucial China market.
·Missoula, United States
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Burberry beats holiday sales expectations, attracts more shoppers in China
Burberry beat expectations for sales growth in the key holiday quarter as its marketing push featuring British celebrities resonated with shoppers and helped attract more Gen Z consumers in China, sending its shares up as much as 7%.
·United Kingdom
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Coverage Details
Total News Sources17
Leaning Left2Leaning Right2Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 20%
C 60%
R 20%
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