Burberry Q3 Comparable Store Sales Up 1%

Burberry Group PLC (BRBY.L) reported that its third quarter comparable store sales increased 1% impacted by COVID-19-related disruption in Mainland China. Excluding Mainland China, comparable store sales grew 11%.

Quarterly comparable store sales in EMEIA region grew 19%, while it was down 1% in Americas.

Comparable store sales in Asia Pacific fell 7% with Mainland China down 23%. Declines in Mainland China were partially offset by strong performances in South Korea up 10%, Japan up 28% and SAP up 15%.

Looking ahead, the company said its near and medium-term targets remain unchanged as it continues to target high-single digit revenue growth with operating leverage ensuring good margin progression, notwithstanding the current macro environment.

Based on the effective foreign exchange rates as of 30th December 2022, Burberry Group expects a currency tailwind of about 160 million pounds on revenue and about 70 million pounds on adjusted operating profit in fiscal year 2023.

The company noted that roll out of the new store concept continued with 15 stores completed in the quarter including Pacific Place in Hong Kong S.A.R, China and North Park Centre Dallas, USA leading to 37 for the year to date and 84 stores in the new concept in total.

The company said it remains on track to complete 65 stores in fiscal year 2023 with aim to complete the roll out of the portfolio by fiscal year 2026.

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