Burberry Group PLC same-store sales rise only slightly due to China COVID issues
Burberry Group PLC said Friday that comparable sales increased only slightly in the first quarter of fiscal 2023 as they took a significant hit from the effects of Covid-19 restrictions in China.
The British luxury-goods company BRBY, -4.03% said comparable sales rose 1% in the three months ended July 2, with retail revenue increasing to 505 million pounds from GBP479 million for the year-earlier period.Sales in the Asian giant fell by 35%, as 40% of its distribution was disrupted by lockdowns in Mainland China, Burberry said. Meanwhile, sales in the Europe, Middle East, India, and Africa region rose 47% on the strong spending budget of its local clients.
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