Burberry sales up 1% in Q1 due to lockdowns in China

One of the world’s leading manufacturers of luxury goods Burberry Group Plc in the first financial quarter, which ended on July 2, increased like-for-like sales by only 1% due to lockdowns in China.

Burberry retail revenue was £505m (597.2m) in the quarter, up from £479m in the same period last year, the British company said in a press release.

Excluding China, the figure jumped by 16% .

Sales in Asia fell 35% as about 40% of Burberry’s China business was down at the start of the quarter due to anti-COVID restrictions. In North and South America they decreased by 4%. In the region „Europe, the Middle East, India, Africa” ​​sales increased by 47%.

Quotes of the company’s shares fall by 6.8% during trading on Friday.

Burberry, founded in 1856, produces clothing, accessories and perfumes. The trademark of the company’s products is the „cage”, which uses red, black, white and sand colors.

Steve Walker

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