Business
Burberry First Quarter Trading Update
Burberry First Quarter Trading Update.
About this update from Burberry Group Plc
[{"type":"text","content":"\n\n \n14 July 2023\nBURBERRY GROUP PLC\nFIRST QUARTER TRADING UPDATE\n \n\"We have made good progress in the quarter delivering high teens comparable revenue growth led by the ongoing recovery in Mainland China. We saw continued strength in our core outerwear and leather goods categories and are excited about Daniel's product arriving in stores in September. While mindful of the uncertain macroeconomic environment, we are confident of achieving our FY24 and medium-term guidance.\" Jonathan Akeroyd, Chief Executive Officer\n \n· Q1 comparable store sales increased 18% \no Group ex Mainland China +11%; EMEIA +17%, South Asia Pacific +39%, Japan +44%; South Korea +6% and Americas -8%\no Strong recovery in Mainland China +46%\n· Core categories of outerwear and leather goods performed well\no Outerwear comparable store sales up 36%, led by heritage rainwear\no Leather goods comparable store sales up 13%\n· Compelling programme of brand and product activations driving customer engagement, including launch of Summer capsule\n· Reopened flagship store on New Bond Street, London, offering an immersive shopping experience across all categories; 19 stores refurbished/opened in quarter \n· Announced expansion of Burberry Inspire community programme to support 500,000 young people over next three years to unlock creativity and drive positive change\n· Commenced a further share buy-back with the full £400m expected to be completed by end of the calendar year\nRETAIL REVENUE 13 WEEKS ENDED 1 JULY\n\n\n\n\n \n\n\n1 July\n\n\n2 July\n\n\n% change\n\n\n\n\n\n\n\n£ million\n\n\n2023\n\n\n2022\n\n\nReported FX\n\n\nCER*\n\n\n\n\nRetail revenue\n\n\n589\n\n\n505\n\n\n+17%\n\n\n+19%\n\n\n\n\nComparable store sales*\n\n\n+18%\n\n\n+1%\n\n\n\n\n\n\n\n\n\n\n*See page 4 for definition\nOUTLOOK\nWe maintain our current year guidance of high single-digit revenue CAGR from FY20 base equating to a low double-digit growth in FY24 and around 20% adjusted operating margin at FY20 CER. Based on foreign exchange rates effective as of 29 June 2023, we expect a currency headwind of c.£150m to revenue and c.£70m to adjusted op...