Burberry, the British luxury goods group is going strong in its sales despite worsening trading conditions in the market. Widely known for its camel, black and red check, the firm is showing strong performance on the basis of increased demand for its classic trench coats and funky shoe styles. The firm has registered a phenomenal rise of 26 per cent in its revenues during the first quarter of the year.
The impressive performance was made possible due to advanced shipments of autumn and winter range of wholesale products. According to Stacey Cartwright, Chief Financial Officer, sales at shops which were open for minimum one year increased by 4.5 per cent, in last three months, ending June 30. She informs that Burberry benefitted from its geographic diversity despite volatility in weekly retail sales. Demands from South Korea, United States, Germany and France were substantially high.
Fears of sales getting affected due to slowdown in consumer spending had resulted in loss of 20 per cent in Burberry’s share value. But the luxury goods group is banking on its rich customers whose buying appetite remains unaffected by the downturn.
Cartwright informs that the group’s classic trench coats, new variations in lighter-weight fabrics and funky shoes were in great demand. Sales in Britain, accounting for nearly 7 per cent of the total, were also up to the mark. JP Morgan analysts are however not changing their full-year forecast for Burberry in the backdrop of tough trading conditions.
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