LONDON, July 17 (Reuters) – Burberry’s recovery continued in the April-June quarter thanks to strong sales in the U.S. and China, while it said conflict in the Middle East dented tourist spending in Europe.
CEO Joshua Schulman, who has led a turnaround since taking the helm two years ago, has said he is focused on the two “must-win” markets of the U.S. and China as he tries to revive the luxury brand.
The strategy appeared to be working, with Burberry saying on Friday that Gen Z customers in China helped sales increase 9% in that key market from a year earlier, while sales in the Americas grew 12% as the brand attracted new customers.
Overall, comparable store sales in Burberry’s first financial quarter grew 5%, in line with analysts’ expectations, while sales in the Europe and Middle East region fell 3%.
(Reporting by Helen Reid and Yamini Kalia; Editing by Susan Fenton)
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