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Burberry Group Plc (OTC:BURBY) registered a comparable store sales increase of 18% year over year in the first quarter, with all regions outside the Americas showing growth.
Continued strength in core outerwear and leather goods categories bolstered growth.
For the quarter under review, retail revenue rose 16.6% to £589 million,
The company gained primarily from Mainland China, recovering from COVID-19-related lockdowns in the previous year.
EMEIA, Japan, and South Asia Pacific showed good double-digit growth, more than offsetting declines in the Americas.
Asia Pacific comps increased 36%, with Mainland China up 46%.
In the quarter under review, Burberry opened/refurbished 19 stores, reopening the flagship store on New Bond Street, London.
Outlook
Burberry maintained current-year guidance of high single-digit revenue CAGR from FY20 base, equating to low double-digit growth in FY24.
Burberry maintains a medium-term target of £4 billion in revenue.
"While mindful of the uncertain macroeconomic environment, we are confident of achieving our FY24 and medium-term guidance," said Jonathan Akeroyd, Chief Executive Officer.
Price Action: BURBY shares are up 0.61% to $27.87 on the last check Friday.
Posted In: BURBY
