Burberry boss checking out with sales boost
LUXURY goods brand Burberry has reported a better-than-expected rise in sales over the festive season, but warned that the strength of the pound could present a “significant headwind” in the coming months.
Retail revenues rose 14 per cent to £528 million in the three months to the end of December, ahead of analysts’ forecasts of £520m, helped by strong demand for coats and leather bags.
Chief executive Angela Ahrendts said: “At current levels, exchange rates will be a significant headwind in the second half and beyond, and the macro environment remains uncertain, but we are confident that our proven strategies will continue to deliver long-term value for shareholders.”
Ahrendts is due to leave Burberry towards the middle of this year to join technology giant Apple, and will hand over the reins to chief creative officer Christopher Bailey.
• Swedish fashion retailer H&M said today that its sales rose 10 per cent in December, matching market expectations.