Burberry posts 9 percent rise in second-half revenue
British luxury group Burberry will adjust prices in response to currency fluctuations and rivals’ similar moves. ”We will maintain our price positioning by market relative to our immediate peers … as prices move, we would also move prices up or down in the same way,” Burberry Chief Financial Officer Carol Fairweather told journalists in a conference call.
Chinese tourists, an important Burberry customer group, have been avoiding cities such as Hong Kong following last year’s pro-democracy protests, travelling instead to Europe, the United States and other Asian destinations such as Japan and Korea.
Burberry saw “double digit” sales growth in the United States and Europe and trading was particularly buoyant in Britain, France and Italy, from both locals and tourists. By contrast, same-store revenue in Hong Kong fell in “single-digit” terms in the second half.
Revenue from directly operated stores rose 13 percent at constant exchange rates in the half-year to March 31 and 9 percent on a same-store basis, slightly ahead of market expectations.