Burberry Makes 'Excellent' Start to Financial Year

Fashion

July 16th, 6:57am

Asharq Al-Awsat

The logo of British luxury brand Burberry is seen at a shop at the Bahnhofstrasse in Zurich, Switzerland July 12, 2017. REUTERS/Arnd Wiegmann

Burberry, the British brand searching for a replacement for departing boss Marco Gobbetti, said it had made an "excellent start" to its new year, with full-price sales accelerating and strong growth in leather goods and outerwear. The luxury group said on Friday retail revenue for the 13 weeks to June 26 rose 86% to 479 million pounds ($662 million), with comparable store sales rising 90% on the same period last year and 1% ahead of the period two years ago. Gobbetti, who has sought to elevate Burberry in the luxury sector, is returning home to Italy to lead Ferragamo, the two companies said last month, Reuters reported. The news sent Burberry's shares tumbling 10%.

from Asharq AL-awsat https://english.aawsat.com/home/article/3083186/burberry-makes-excellent-start-financial-year