China rebound helps boost Burberry profits
Growth in China rebounded, helping the high-end fashion retailer to increase its revenue to £3 billion
ANTHONY KWAN / BLOOMBERG / GETTY IMAGES
Chinese consumers splurging on luxury trench coats and leather goods in the past few months as the country emerged from strict lockdowns helped to boost full-year profits at Burberry.
The British luxury retailer reported a 24 per cent rise in pre-tax profits to £634 million in the year to April 1.
Revenue rose 10 per cent to £3 billion, with much of the growth driven by Burberry’s Europe, Middle East, Asia and Africa division. This includes the UK, where sales were up to £257 million, but the fashion house said the “outperformer” was continental Europe.
Retail comparable shop sales rose 16 per cent in the quarter, accelerating from 1 per cent in the third quarter and above a company-compiled consensus of 14 per cent.
“We
