Burberry Q1 Retail Revenue Up, Backs FY22 View

Burberry Group plc (BRBY.L) said Friday that its guidance for the fiscal year 2022 remains unchanged, after the retailer posted significant growth in retail revenue for the first quarter, with 1 percent rise in its overall comparable store sales.

The Group's retail revenue for the 13 weeks ended June jumped 86 percent to 479 million pounds, while it rose 98 percent at constant exchange rate.

The Group said it witnessed strong growth across its strategic categories during the quarter, in particular leather goods and outerwear, and exited markdowns in digital and mainline stores.

Looking ahead to the full year, the Group said the medium-term guidance for high single digit top line growth and meaningful margin improvement remains firmly on track. Burberry said it now expects wholesale increase by about 60 percent YoY in the first half due to a stronger order book.

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