China helps power Burberry quarterly sales up 5 per cent
Burberry quarterly sales have jumped by a solid 5 per cent, largely buoyed by a doubling of turnover in China.
Greater China is a key market for Burberry, accounting for almost a quarter of total sales.
A social media campaign – including activity by Beijing blogger ‘Mr Bags’ – helped boost brand awareness and sales through the WeChat channel.
Globally, retail revenue rose 3 per cent to £478 million (US$613 million) and like-for-like store sales rose 4 per cent during the three months to June 30.
The figures impressed analysts, outperforming expectations and providing a welcome background to incoming CEO Marco Gobbetti’s first investor presentation today.
However, Bloomberg columnist Andrea Felsted urged caution, writing that Gobbetti “still has the task of reigniting interest in the tired brand”.