Gen Z demand helps boost Burberry Christmas sales
Shares in the London-based fashion house lifted higher on Wednesday as a result.
Strong demand from Gen Z shoppers in China helped drive stronger than expected sales at Burberry over the key festive period.
Shares in the London-based fashion house lifted higher on Wednesday as a result.
Bosses told shareholders that it has built further momentum after store sales returned to growth for the first time in two years in the previous period.
It reported that retail revenues increased by 1% to £665 million for the 13 weeks to December 27, compared with a year earlier.
The increase was driven by a 3% jump in comparable store sales, largely due to 6% growth in Greater China.
Burberry highlighted that it witnessed double digit growth in Gen Z customers in Greater China and Asia Pacific, with growth among younger customers in all regions.
Sales of outerwear and scarves increased during the quarter, the company said.
Joshua Schulman, chief executive of Burberry, said: “During the festive quarter, we continued to build momentum with our Burberry Forward strategy, delivering sequential improvement in comparable sales growth and an improved quality of revenue across channels and geographies.
“Our customers responded to our immersive, timeless, British, luxury campaigns and experiences while the continued strength in our core outerwear category is now extending into accessories and ready-to-wear.
“As we move into 170 years of Burberry, these results reaffirm the enduring strength of our iconic brand and give us confidence in the path ahead.”
Shares were 5.2% higher at 1,283p.
