{"id":162899,"date":"2020-01-22T10:16:48","date_gmt":"2020-01-22T10:16:48","guid":{"rendered":"https:\/\/www.theindustry.fashion\/burberry-ups-guidance-despite-hit-from-hong-kong\/"},"modified":"2021-08-12T14:06:28","modified_gmt":"2021-08-12T14:06:28","slug":"burberry-ups-guidance-despite-hit-from-hong-kong","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/burberry-ups-guidance-despite-hit-from-hong-kong\/","title":{"rendered":"Burberry ups guidance despite hit from Hong Kong"},"content":{"rendered":"<p><strong>Burberry\u2019s sales halved in Hong Kong<\/strong> as political turmoil continued to drag on retailers in the Chinese city state, but the luxury clothes brand has still been able to up its outlook for the year.<\/p>\n<p><!--more--><\/p>\n<p>Management said <strong>total revenue for the year will grow in the low single-digit percentage<\/strong>, above its previous forecast of no significant change.<\/p>\n<p>But it revealed that sales in Hong Kong, where it <strong>previously made 8% of global revenue,<\/strong> had halved in the most recent quarter. It now makes around 4% of global sales from the city state.<\/p>\n<p>Chinese tourists have kept away from the island amid huge anti-government protests that have raged for months.\u00a0But they have not lost their appetite for Burberry, sending <strong>sales up by a mid-teen percentage in mainland China.<\/strong><\/p>\n<p>Burberry has been targeting China with dedicated advertising campaigns and collections for Chinese New Year and will stage an AW20 catwalk show in Shanghai in April.<\/p>\n<p>\u201cWe\u2019ve <strong>absorbed a significant impact from Hong Kong,<\/strong> but we\u2019ve seen strength in China,\u201d finance boss Julie Brown said on a call with reporters.<\/p>\n<p><strong>Overall revenue grew by 1% to \u00a3719 million<\/strong> in the 13 weeks ending December, the business revealed.<\/p>\n<p>CMC Markets analyst David Madden said Burberry is benefiting from a move to the poles of high-end fashion and the cheaper brands.<\/p>\n<p>\u201cIt would appear the so-called \u2018squeezed middle\u2019 are seeking out bargains, hence why <strong>goods in the middle of the price range are feeling the pinch<\/strong>,\u201d he said, while \u201cthe very wealthy who purchase high-end brands like Burberry are not feeling the pain, which is why the fashion house is holding up well\u201d.<\/p>\n<p>Sales at the fashion house stayed high even though <strong>it did not take part in the traditional rush to offer discounts over the Christmas period.<\/strong><\/p>\n<p>\u201cWe\u2019re<strong> putting less inventory into the markdown<\/strong>,\u201d \u00a0Brown said, meaning that many clothes were selling at full-price.<\/p>\n<p>Analyst Madden said: \u201cIt is not uncommon for firms to lower prices in a bid to get stock out the door, so it is encouraging to see that Burberry\u2019s revenue rise was largely fuelled by full-price sales.\u201d<\/p>\n<p>Brown said the company would continue to monitor the situation in Hong Kong, and the outbreak of coronavirus in China.<\/p>\n<p>Shares fell 3.45%, or 79p, to 2,184p in early trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":136812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10488,9763,10585,6,10494],"tags":[968,10284,15806,11481],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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