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.