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Asian sales help Burberry post strong second half
By Emily Ford |
April 17, 2012, Tuesday
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Online Edition
Online Edition
LUXURY retailer Burberry had a robust second half with strong sales in Asia helping it to sales of 1.02 billion pounds (US$1.62 billion) in the six months to the end of March, an underlying rise of 18 percent.
However while its core markets of Britain, France and Greater China "remained strong," the group said, the pace of growth in China appeared to have slowed, with like-for-like sales in the region up 20 percent in the fourth quarter, after they rose 30 percent in the third quarter.
Leather goods grew strongly while its men's tailoring, far more sought after in Asia than in Europe, also performed well.
"We are pleased with Burberry's finish to the year across all channels, regions and product divisions," Angela Ahrendts, the luxury group's chief executive said. However, she added that the brand remained "vigilant" about the economic environment ahead.
The 156-year-old trenchcoat maker opened 11 new stores in the period, including a flagship outlet in Taipei.
Rahul Sharma, analyst at Neev Capital, said: "Companies in the luxury space continue to post very strong numbers owing to a recovery in sentiment among the wealthy in the West, and more importantly, exposure to new and rapidly rising wealth in Asia."
The company's fiscal year ends on March 31.
However while its core markets of Britain, France and Greater China "remained strong," the group said, the pace of growth in China appeared to have slowed, with like-for-like sales in the region up 20 percent in the fourth quarter, after they rose 30 percent in the third quarter.
Leather goods grew strongly while its men's tailoring, far more sought after in Asia than in Europe, also performed well.
"We are pleased with Burberry's finish to the year across all channels, regions and product divisions," Angela Ahrendts, the luxury group's chief executive said. However, she added that the brand remained "vigilant" about the economic environment ahead.
The 156-year-old trenchcoat maker opened 11 new stores in the period, including a flagship outlet in Taipei.
Rahul Sharma, analyst at Neev Capital, said: "Companies in the luxury space continue to post very strong numbers owing to a recovery in sentiment among the wealthy in the West, and more importantly, exposure to new and rapidly rising wealth in Asia."
The company's fiscal year ends on March 31.
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