According to Burberry, the mainland Chinese market had returned to growth but performance was weighed by Hong Kong and Macau. The fashion brand posted a one percent revenue growth to US$862 million, also helped by strong demand in Europe.
Year-on-year sales remained unchanged, an improvement from a 4% drop in the second quarter. The company is expected to report a full-year pre-tax profit of US$612 million, down from US$651 million in the previous year.
Hong Kong and China markets account for 30-40% of Burberry’s global revenue. In October 2015, Burberry reported demand in the U.S. was uneven and that Asia Pacific sales had a mid-single digit decline, with Hong Kong decelerating further in the second quarter. Read more here.
Source: Reuters
