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Burberry sales rise after 'robust' quarter | Burberry sales rise after 'robust' quarter |
(about 1 month later) | |
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High-end fashion group Burberry has reported a rise in revenue as sales continue to grow in Asia. | High-end fashion group Burberry has reported a rise in revenue as sales continue to grow in Asia. |
Total revenue for the three months to the end of June was £408m ($634m), 11% higher than a year earlier. | Total revenue for the three months to the end of June was £408m ($634m), 11% higher than a year earlier. |
However, the increase was less than in the previous quarter and below market expectations, leading Burberry shares to fall 7.4%. | However, the increase was less than in the previous quarter and below market expectations, leading Burberry shares to fall 7.4%. |
The company said it continued to see strong sales growth in Asia and particularly China. | The company said it continued to see strong sales growth in Asia and particularly China. |
Asia accounts for a higher proportion of Burberry's revenues than any other region. | Asia accounts for a higher proportion of Burberry's revenues than any other region. |
"With continued brand momentum, Burberry has delivered a robust first quarter," said chief executive Angela Ahrendts. | "With continued brand momentum, Burberry has delivered a robust first quarter," said chief executive Angela Ahrendts. |
"Sales in retail, now about 70% of the business, increased by 14%." | "Sales in retail, now about 70% of the business, increased by 14%." |
Wholesale revenue came in at £102m, up 9% on a year earlier. | Wholesale revenue came in at £102m, up 9% on a year earlier. |
'Great expectations' | 'Great expectations' |
The quarterly sales figures represent a slowdown on previous quarters, and analysts said the company's share price was suffering as a result. | The quarterly sales figures represent a slowdown on previous quarters, and analysts said the company's share price was suffering as a result. |
"Burberry shares have fallen foul of great expectations, as robust sales growth came in shy of analyst estimates," said Richard Hunter at Hargreaves Lansdown. | "Burberry shares have fallen foul of great expectations, as robust sales growth came in shy of analyst estimates," said Richard Hunter at Hargreaves Lansdown. |
"If set against yesterday's update from Marks and Spencer, for example, the numbers are in a different league, as are the prospects. However, the shares' valuation is quite full and the weight of expectation is heavy." | "If set against yesterday's update from Marks and Spencer, for example, the numbers are in a different league, as are the prospects. However, the shares' valuation is quite full and the weight of expectation is heavy." |
On Tuesday, M&S reported a drop in sales after stock issues and wet weather hit sales at its clothing department. | On Tuesday, M&S reported a drop in sales after stock issues and wet weather hit sales at its clothing department. |