Asia boosts Burberry’s first quarter

Kasmira Jefford
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SHARES in Burberry leapt to yet another record-high yesterday after the British luxury brand reported a 34 per cent underlying growth in quarterly sales.

The fashion house outshone market expectations, posting revenues of £367m for the three months to 30 June, with Asian countries leading the growth.

Sales from Burberry’s retail operations, which make up 66 per cent of turnover, doubled over the three months to £245m.

Burberry’s Asia Pacific retail and wholesale business grew 62 per cent year on year to £121m, with Hong Kong, and Taiwan among the best performing markets.

The 155 year old brand, modelled by the likes of Kate Moss and Harry Potter star Emma Watson, opened five stores this quarter and is planning to open another 25 stores globally by the end of the year.

Angela Ahrendts (left), who joined as chief executive five years ago, said: “We are pleased with Burberry’s start to the year, with double-digit growth balanced across retail and wholesale and all regions and product categories.”

Shares in the luxury fashion group climbed 6.5 per cent to close at 1,531p last night.