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Burberry reports slow sales growth as Covid impact persists
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theguardian.comBurberry has reported slowing sales growth in its latest financial quarter as the impact from Covid-19 restrictions persisted even as sales remained at just above pre-pandemic levels.
The luxury fashion retailer said that total revenues for the 26 weeks to 25 September were £1.2bn, up 38% year on year. However, like-for-like store sales rose by only 6% year on year in the second half of that period.
Shares slumped by 5%, making it one of the biggest fallers on the FTSE 100 on Thursday morning.
The company blamed Covid-19 restrictions in the Asia-Pacific region for the sales difficulties. In China, a key market for luxury goods, restrictions were “especially impactful […] reducing footfall materially, leading to an adverse effect on revenues”,
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