UK-based Burberry, a global luxury brand with a distinctive British heritage has made public its second half trading update for the period ended March 31, 2017. During the period, retail revenue totalled £ 1,268 million, up 3 per cent underlying (up 19 per cent at reported FX) while comparable sales increased 3 per cent (Q3 up 3 per cent; Q4 up 2 per cent).
Wholesale revenue stood at £ 327 million, down 13 per cent as against the same period last year. Total revenue was £ 1,607 million, down 1 per cent underlying (up 14 per cent at reported FX), with performance reflecting the implementation of strategic priorities and actions to improve brand positioning, notably in the US.
The digital wing continued to outperform, led by mobile operational excellence and inspired people: simplifying its structure and processes; on track to deliver planned cost savings of £ 20 million in FY 2017 increasing to at least £ 100 million annualized in FY 2019.
While commenting on the results, Christopher Bailey, Chief Creative and Chief Executive Officer, said: “In an uncertain environment, we continue to take action to strengthen the brand and reposition Burberry for growth. The outperformance of fashion and the strong customer response to new products underline our renewed creative momentum. I am delighted that Marco and Julie have now joined the business. While we have more to do, as we build on our progress so far, we remain confident about Burberry’s prospects in the longer term.”