Burberry posts ‘strong’ first quarter sales uplift against pre-pandemic levels

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Burberry has reported an “excellent start” to its new financial year as full-price sales growth accelerated against its pre-pandemic performance.

Burberry recorded an 86% rise in sales year on year in the 13 weeks to the end of June to £479m, spurred by a 90% uplift in like-for-like store sales during the period.

On a two-year basis, Burberry’s like-for-like store sales rose 1% during the period, while full-price store sales rose 26% on pre-pandemic levels, up 121% on a year-on-year basis.

Burberry’s full-price sales in the US more than doubled year on year and were up 50% in mainland China, driven by increased spend across core categories by younger shoppers.

Outgoing chief executive Marco Gobbetti said: “We have made an excellent start to the new fiscal year. Full-price sales accelerated as our collections and campaigns attracted new, younger luxury customers to the brand. We saw strong growth across our strategic categories, in particular leather goods and outerwear, and exited markdowns in digital and mainline stores.

“We continued to roll out our new store concept that will transform how customers experience our brand and product in a uniquely British luxury setting. Despite the continuing challenging external environment, we are very pleased with the progress against our strategy.”