Burberry US sales offset hit to Middle East from Iran war

(Sharecast News) - Luxury brand Burberry on Friday reported a 5% rise in first-quarter sales driven by strong performances in the Americas and China which offset a decline in Europe and the Middle East due to the Iran war. Sales in the 13 weeks to June 27 came in at £455m. Burberry said Gen Z customers in China helped increase revenues by 9% year on year, while the Americas grew 12% as the brand attracted new customers.

Europe and Middle East fell 3%. The retailer said it expected to deliver full-year revenue growth and margin expansion but was still "mindful of the uncertain geopolitical and macro-economic environment and its potential impact on consumer confidence".

Reporting by Frank Prenesti for Sharecast.com