Burberry Clocks 1% Comp Sales Growth In Q1 Hit By China Lockdowns

Author: Shivani Kumaresan | July 15, 2022 08:00am

• British luxury brand Burberry Group (OTC:BURBY) reported a Q1 comparable store sales increase of 1%, impacted by the lockdowns in China. Excluding Mainland China, comparable store sales grew by 16%.
• Sales in the Asia Pacific fell 16%, with Mainland China down 35%. Comparable store sales in the Americas decreased by 4%.
• In contrast, sales in EMEIA grew 47% as the business annualized the lockdowns in Q1 FY22.
• "While the current macro-economic environment creates some near-term uncertainty, we are confident we can build on our platform for growth," said CEO Jonathan Akeroyd.
• Price Action: BURBY shares closed lower by 0.99% at $19.56 on Thursday.

Posted In: BURBY