Luxury fashion house Burberry has reported that its comparable store sales increased 18% in the first quarter (Q1) of fiscal year (FY) 2024.
The company said it benefitted from strong underlying growth in Europe, the Middle East, India and Africa (EMEIA), South Asia Pacific, Japan and Mainland China, which recovered from Covid-19-related lockdowns.
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Comparable store sales in Mainland China increased 11% and 17% in EMEIA in Q1 FY24.
Sales in the South Asia Pacific region grew 39% in Q1 FY24 while Japan and South Korea posted 44% and 6% during the quarter.
The Americas suffered a sales decline of 8% in Q1 FY24.
During the quarter ending 1 July 2023, Burberry’s outwear category reported strong performance, with comparable store sales up 36%. The leather goods category also grew by 13% in comparable sales.
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By GlobalDataThe company’s retail revenue reached £589m ($769.72m) in Q1 FY24, increasing 17% compared with the corresponding period in FY23.
The company reopened its flagship store on New Bond Street, London and refurbished or opened 19 stores over the quarter.
Burberry aims to refurbish more than 50% of its store network by the end of FY24.
Burberry chief executive officer Jonathan Akeroyd said: “We have made good progress in the quarter delivering high teens comparable revenue growth led by the ongoing recovery in Mainland China.
“We saw continued strength in our core outerwear and leather goods categories and are excited about Daniel’s product arriving in stores in September. While mindful of the uncertain macroeconomic environment, we are confident of achieving our FY24 and medium-term guidance.”
The company expects high single-digit revenue CAGR from FY20 base, which it says, equates to low double-digit growth in FY24.
