British luxury fashion house, Burberry, upgraded its full-year forecast on Wednesday. The company cited a sharply increasing demand for Riccardo Tisci’s new collection in the last quarter to have contributed to the revised forecast.
Same-Store Sales Climbed 3% In The Recent Quarter
Following a 3% growth in the same-store sales in the recent quarter, the fashion company stated that it now expects its full-year revenue to go up by a low single-digit percentage. Burberry’s CEO Marco Gobbetti commented on the company’s performance:
“This was another good quarter as new collections delivered strong growth and we continued to shift consumer perceptions of our brand and align the network to our new creative vision. While mindful of the uncertain macro-economic environment, we remain confident in our strategy and the outlook for full-year 2020.”
The Hong Kong protests were previously reported to have disrupted Burberry’s regional performance. Thanks to the full-price new products sales which contributed to as much as 75% of Burberry’s offer in stores in the quarter, however, the disruption was balanced out. The company also accentuated that Hong Kong sales were reduced to half in the quarter while sales in mainland China printed an increase of mid-teens percentage.
Burberry’s Performance In The Stock Market
Despite the Hong Kong protests that weigh on its performance, Burberry expressed its confidence in the adjusted operating margin to remain widely stable.
Burberry’s performance remained largely upbeat in the stock market in 2019. The fashion company opened 2019 at around 1,700 GBX. As of July, the stock was seen trading at a record high of 2,345 GBX. Burberry managed to sustain much of its gain in the stock market with share prices currently settling around the record high at the time of writing. In 2020, the Burberry has printed a high of 2,329 GBX so far that marks a little under 10% gain for the company in January.