Burberry does well in China

Business | Gary Poon and Reuters 9 Nov 2018

Burberry sales in the mainland grew with Chinese spending shifting to Hong Kong and South Korea in particular, as its interim net profit beat estimates.

The group reported revenue of 1.22 billion pounds (HK$12.5 billion) for the 26 weeks to September 29, down 3 percent but ahead of analyst forecasts, and an adjusted operating profit of 178 million pounds (HK$1.82 billion), down 4 percent. While luxury brands are riding a rebound in Chinese demand, Burberry has lagged behind rivals such as Louis Vuitton and Gucci, leading to the appointment of a new creative designer, former Givenchy star Riccardo Tisci, in March.

Burberry said its Asia Pacific business grew by a mid-single digit percentage and the outlook for the full year, including 100 million pounds of cost savings, was unchanged.

Separately, Dickson Concepts (0113), which sells luxury fashion and accessories, said it expects to record a significant increase in profit for the six months ended September 30, mainly due to growth in sales turnover and continued tight control of operating costs and expenses at all levels of operation.

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