Dow Jones Newswires: Burberry’s same-store sales rise only slightly due to China’s COVID-19 restrictions

by | Jul 15, 2022 | Stock Market

Burberry Group PLC said Friday that comparable sales increased only slightly in the first quarter of fiscal 2023 as they took a significant hit from the effects of Covid-19 restrictions in China. The British luxury-goods company
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said comparable sales rose 1% in the three months ended July 2, with retail revenue increasing to 505 million pounds ($597.2 million) from GBP479 million for the year-earlier period.

The FTSE 100-listed company said comparable sales rose 16% excluding China. Sales in the Asian giant fell by 35%, as 40% of its distribution was disrupted by lockdowns in Mainland China, Burberry said. Meanwhile, sales in the Europe, Middle East, India, and Africa region rose 47% on the strong spending budget of its local clients. In the Americas region, sales fell 4% against very tough comparatives, it added. Burberry said it expects a currency tailwind of around GBP190 million on revenue and around GBP90 million on adjusted operating profit for fiscal 2023. Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

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