Burberry: targets mid-single digit sales growth
(CercleFinance.com) - Same-store sales in Q1 increased by 1%, weighed on by confinements in mainland China: excluding mainland China, same-store sales rose by 16%.
The group posted double-digit comparable store growth in leather goods and outerwear outside mainland China.
It has announced the start of share buybacks, with the full 400 million pounds expected to be completed by the end of the year.
Management still targets single digit revenue growth and 20% margins over the medium term. Although the current macroeconomic environment is creating some uncertainty in the near term, while performance in mainland China has been encouraging since its shops were reopened in June, while it is actively managing the inflationary headwind.
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