Burberry hampered by slower Chinese sales | RetailDetail

Burberry hampered by slower Chinese sales

Burberry hampered by slower Chinese sales

British luxury brand Burberry's growth has slowed down in the first half of the year, because of "difficult external factors", with mainly lower Chinese sales.

Asia disappoints

Burberry's six-month turnover grew 14 % to 1.1 billion pounds (1.4 billion euro), which is slower than expected, mainly because of difficult Asian circumstances. EBITDA grew 6 % to 152 million pounds (nearly 200 million euro). Excluding exchange rate fluctuations, turnover and profit dropped even more: the latter dropped 12 % compared to last year, because of a 31 million pound (40 million euro) blow.

 

"We’re proud to report that Burberry delivered a strong first half, with sales increasing by 14% and profit up 6%, both underlying. [...] Looking ahead, in a more difficult external environment, we continue to focus on the things that we can control", CEO Christopher Bailey said.

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