Sales up 24% for Burberry

Rebecca Hubbard
Posted: Tuesday, July 13, 2010 11:21 am

Sales up 24% for Burberry

Luxury goods retailer Burberry have announced that revenue for its financial first quarter has risen by 24%.

Retail sales also rose 21% and wholesale sales shot up 46%. In the three months to June 30, the company said comparable store sales grew 10%, with retail sales driven by outerwear and non-apparel, coupled with continuous double-digit growth in the Asia Pacific and Europe.

Improved monthly flow of goods and supply chain efficiencies are responsible for the increase in wholesale sales, and there is an unchanged forecast for first-half revenue in the high teens excluding Spain, according to the business.

Despite these positive figures, the share price for the company has dipped, losing 12.5p to 777p.

However, Angela Ahrendts, chief executive officer, says that the group still plans to open between 20 and 30 stores in the current financial year, mostly in the Americas and Asia Pacific. Burberry also claims that there has been no significant change to the financial condition of the company, which means that current restructuring in Spain is still on track.