UK-based fashion brand Burberry has issued its trading update for the third quarter that ended on December 31, 2017. Comparable store sales in the region declined by a high single-digit percentage, as it annualised exceptional performance of 40 per cent growth in the prior year boosted by tourist inflows.
The British fashion house, popular for its iconic trench coats and chequered scarves, noted a 2 per cent decline to £ 719 million in its retail revenue for the entire group during the period under review. This was right in contradiction to the 2 per cent increase in global retail sales at the end of the quarter against a 3 per cent increase in the same period last year.
Burberry stated that it remained on profit-making track as it made £ 60 million of cost savings this year. Additionally, sales continued to surge in China, the US and the rest of Europe.
“We have reported good progress and continued on the path to fulfilling full-year profit target,” Chief executive Marco Gobbetti was quoted in a statement issued by the iconic brand.
The luxury group is trying to bring in a fresh product range, become more efficient and improve its store performance. It was announced the company would shut down a number of stores and shift its focus towards the higher end of the luxury goods market.
However, the retailer has not made any changes in its guidance for FY 2018 operating profit at both constant and reported exchange rates as announced in interim results in November last year.
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