StockMarketWire.com - Luxury fashion retailer Burberry said comparable store sales rose strongly in the first quarter, driven by jump full-price sales, as the new product collections attracted younger luxury customers to the brand.

For the 13 weeks through 26 June, comparable store sales rose 90% compared with a year earlier, and 1% versus fiscal year 2021.

Comparable full-price sales were 26% higher in the quarter vs fiscal first quarter 2020.

'This strong traction was evident across markets where Americas saw full-price comparable store sales more than double, Mainland China increased more than 55% and Korea more than 90% vs Q1 FY20,' the company said.

'This was driven by new, local, young customers buying across our core categories,' it added.

Looking ahead, Burberry maintained its fiscal 2022 guidance, but lifted its expectations for wholesale, which is now expected to increase by approximately 60% year-on-year in H1 due to a 'stronger order book.'

The company said it expects FX to be a £114 million headwind on sales and £40 million headwind on adjusted operating profit for FY22 based on 25 June spot rates.





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