Burberry's entry-level luxury lures new buyers
- Burberry shares surged around 8% on Thursday after the British luxury brand reported a 6% revenue increase to £1.1 billion for the first half, alongside a £54 million profit rebounding from last year's £18 million loss.
- Chief Joshua Schulman credited the 'Burberry Forward' turnaround strategy, launched two years ago, for the recovery, noting the company achieved five consecutive quarters of growth in a 'challenging market.'
- The Americas region drove growth with sales up 12 percent in the six months to Sept 26, while Greater China rose 7 percent and Asia-Pacific increased 3 percent; EMEIA sales fell 2 percent.
- Wholesale revenue jumped 17 percent as all major product categories grew, with outerwear and leather goods accelerating following promotional campaigns. Schulman stated the results 'demonstrate that our strategy is working.'
- Managing 412 stores globally, Burberry plans to continue driving margin expansion despite an 'uncertain environment.' Schulman expressed confidence in realizing the full potential of the brand long-term.
38 Articles
38 Articles
China and the US support Burberry growth – ECO Log in with Google Other social networks Your security is our priority We use secure connections and never share your data with third parties. Log in with ECO Premium email Choose how you want to subscribe Immediate access to all Premium content. Cancel whenever you want. After a break period, British Burberry registered revenues of 1,314 million euros in the 26 weeks since fiscal year, until Septem…
BURBERRY attracted younger customers with a new strategy and exceeded sales expectations.
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