Growth continues for Burberry driven by leather goods

United Kingdom
Published:  19 January, 2022
Credit: Burberry

Burberry has released its Q3 2022 results, showing acceleration in full-price comparable store sales, up 26% year-on-year and 10% on the previous quarter.

Retail revenue for the period, ended December 25, 2021, was £723 million (US$986 million). This was driven by ongoing strength in the Americas and a material improvement in Asia Pacific and EMEIA. 

Leather goods showed strong growth with full-price sales up 29% year-on-year, which was a focus category for the period alongside outerwear. The brand also noted its highest level of earned reach to date on Instagram in the quarter coupled with strong momentum on TikTok.

Looking forward, Burberry expects current year adjusted operating profit to grow in the region of 35% compared with the prior year. In addition, the currency headwind is now expected to be £79 million (US$108 million) on revenue and £27 million (US$37 million) on adjusted operating profit.

Burberry Chair Gerry Murphy said: “Full-price sales continued to grow at a double-digit percentage compared with two years ago, accelerating from the previous quarter and reflecting a higher quality business. Our focus categories outerwear and leather goods performed strongly as we continued to attract new, younger consumers to the brand. Despite the ongoing challenges of the external environment, we are confident of finishing the year strongly and providing an excellent platform on which to build when our new CEO Jonathan Akeroyd joins in April.”