Burberry: quarterly turnover of +23%

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During the third quarter Burberry’s revenues increased by 23% to 254 million pounds sterling (+26% at constant exchange rates). As CEO Angela Ahrendts explained, it is progress that reflects the appeal of the British label’s new proposals and its marketing strategies, especially in the United States and in emerging markets like China.
However, the most significant growth was in Europe (+41%), where the group brought in 83 million pounds sterling. The calculation excludes Spain, where Burberry’s total was 26 million, an increase of 16%. During the quarter, North America was its biggest client, with revenues of 85 million, an upturn of 19%. Business in Asia-Pacific rose by 11% to a total of 60 million pounds sterling.
Retail sales (60% of the total) in particular rose by 12% (+14% at constant exchange rates). On a level with distribution area, however, the increase is 6% and not the +8% estimated by analysts. Growth that even the group’s top management considers “modest” compared to internal forecasts.
In its turn, the wholesale area stood at +71% (+74% at constant exchange rates) and the forecast for the second half of the financial year is in the region of +20% at constant exchange rates (an estimate above the company’s previous assessment of growth in the “mid-teens”).