British luxury fashion brand Burberry reported stronger-than-expected fourth quarter sales on Thursday, boosted by a rebound in its largest market China following three years of Covid-19 restrictions.
In the quarter to April 1st, comparable store sales rose 16 per cent, accelerating from 1 per cent in the third quarter and above a company compiled consensus of 14 per cent. Sales in Mainland China rose 13 per cent.
"We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China," chief executive Jonathan Akeroyd said in a statement on Thursday.
The FTSE 100 group's luxury rivals LVMH and Hermes have also reported a bounce in first quarter sales due to a recovery in China and wider Asian markets.
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Burberry’s results follow creative director Daniel Lee’s first collection at London Fashion week in February as well as the launch of a new logo and campaign. - Reuters
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