British luxury brand Burberry has recorded a first half revenue of £1 billion, boosted by double-digit sales growth in Asia Pacific.
Mainland China delivered high single-digit comparable growth in the second quarter. In part, reflecting more Chinese travelling luxury customers, the rest of Asia accelerated through the half and European flagship markets saw a higher proportion of tourist transactions.
Burberry says outerwear and large leather goods drove about half of the growth and mens tailoring continued to outperform, all driving average selling price. Mens accessories also grew strongly.
During the six months to September, Burberry opened 14 mainline stores and closed eight. Store openings included a net two in China and one additional store in each of Brazil, Mexico and India.
“We are pleased with our first half performance, particularly in retail, with revenue up 17 per cent driven by both online and offline,” says outgoing CEO Angela Ahrendts, who will take up a position at Apple next year.
Ahrendts will be replaced by Burberry’s chief creative officer Christopher Bailey.
Burberry expects the trading environment to remain volatile, but will not stop the company from further opening.