UK-based iconic fashion brand Burberry has issued its trading update for the first quarter that ended on June 30, 2018. With solid performance during the reporting quarter, comparable sales increased by 3 per cent as compared to 4 per cent in the same period last year.
The British fashion house, popular for its iconic trench coats and chequered scarves, noted progress in the quarter ahead of the launch of the first collection from its new designer Riccardo Tisci in September. Marco Gobbetti, Chief Executive Officer has expressed happiness over progress made in the quarter.
“The launch of Riccardo’s debut collection is the next step in our journey,” added Marco Gobbetti. “While we know it will take time to achieve our ambitions, our progress to-date and the energy in and around the company give me confidence for the future,” added CEO. Higher sales growth in America and demand for its heritage trench coats, rainwear, handbags, and other products in China mainly helped it to note almost flat revenue at 479 million pounds as compared to 478 million pounds in the corresponding period last year.
Lesser tourist demand in UK and Continental Europe resulted into decline in sales in its Europe, Middle East, India, and Africa region. However, the retailer has not made any changes in its guidance for FY 2019.
