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Burberry beats sales expectations as scarves and trench coats lift demand
The Americas recorded 11% sales growth in the second quarter, while China posted a 5% increase despite broader weakness in luxury spending.
Burberry’s comparable sales increased 4% in the quarter ending September 26, beating analyst expectations as shoppers bought its signature scarves and trench coats. The British luxury company also reported first-half adjusted operating profit of £62 million, exceeding the £44 million forecast.
Sales growth was strongest in the Americas, a region predominantly comprising the US, at 11% for the second quarter. China’s comparable sales increased 5%, compared with 9% growth a quarter earlier.
Chief executive Joshua Schulman said resistance to high luxury prices was growing among customers, particularly in China. He said Burberry’s focus on enduring value and value for money was finding favor with Chinese shoppers. Weaker Chinese sales have been the main driver of the wider luxury downturn.
Bernstein analyst Luca Solca said Burberry’s growth nearly matched Hermes and was 9 percentage points ahead of LVMH’s fashion and leather goods division for the same quarter.
Schulman took charge in 2024 to oversee a turnaround. Burberry has shifted its campaigns toward signature products and emphasized more affordable offerings. A previously announced restructuring includes plans to eliminate almost a fifth of its workforce, targeting annual cost savings of £100 million.
Investor Kernow Asset Management said the turnaround was advancing well and noted that Burberry had delivered five consecutive quarters of growth. The company plans to present a strategy update to investors in March.