British luxury fashion house Burberry announced a 4% decline in retail like-for-like sales for the quarter, exceeding analyst expectations of a 12% drop. Sales improved across all regions, with notable growth in the Americas and outperformance in the Chinese market despite overall sales contraction. The company attributed the positive results to a refocus on core products and strategic adjustments, and provided updated guidance for the second half of the year, projecting earnings to offset losses incurred in the first half.
The British luxury fashion house reported a 4% decline in retail like-for-like sales, better than the expected 12% decline. This is an improvement from the 20% drop in the previous quarter.
EMEA sales declined by 2%, better than the projected 5% decline. APAC sales contracted by 9%, better than the expected 19% drop. The global sales recovery indicates a rebound in consumer demand and the positive impact of Schulman's focus on core products. “We view these results as a first step in the right direction. Easy fixes relating to store layout and presentation, refocus on core product categories, and certainly contribution from markdown activity have all contributed to the improvement,” said analysts at RBC Capital Markets in a note.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
BURBERRY LUXURY FASHION SALES RECOVERY CONSUMER DEMAND
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