- British luxury brand Burberry Group BURBY reported a Q1 comparable store sales increase of 1%, impacted by the lockdowns in China. Excluding Mainland China, comparable store sales grew by 16%.
- Sales in the Asia Pacific fell 16%, with Mainland China down 35%. Comparable store sales in the Americas decreased by 4%.
- In contrast, sales in EMEIA grew 47% as the business annualized the lockdowns in Q1 FY22.
- "While the current macro-economic environment creates some near-term uncertainty, we are confident we can build on our platform for growth," said CEO Jonathan Akeroyd.
- Price Action: BURBY shares closed lower by 0.99% at $19.56 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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