In the three months to end-June (the group’s first quarter) total revenue grew 22% at constant exchange rates or 26% on an as reported basis, to £211m. The most optimistic of analysts had been forecasting revenue of £204m.
Underlying retail revenue was 14% higher, with same store sales growth of 4.5%, despite Spain seeing a double-digit decline in sales revenue. Non-apparel goods contributed most to retail growth.
In the wholesale division, based on orders to date, the group expects wholesale revenue in the first half of its financial year to be around 10% higher than the comparable period of 2007. Once again, Spain is expected to be the fly in the ointment, with a double-digit decline expected.
Sales to emerging markets doubled in the first quarter, with performance in China especially strong
Total licensing revenue in the first quarter increased by 3% on an underlying basis (up 5% “as reported”), benefiting from phasing differences year-on-year. The group expects licensing revenue on an underlying basis to broadly be flat over the full year.
“This momentum, together with the diversity and balance we have across products, channels and regions, underpins our confidence for the future," said Angela Ahrendts, chief executive officer of Burberry.
Source:http://uk.biz.yahoo.com/080715/214/i36z0.html
