Luxury values shine this Friday in the wake of Burberry +results (14.22% at 1222.75 pence) in London. Kering (+9.12% at 269.75 euros) flies up the flagship index of the Parisian square. LVMH (+2.41% at 738 euros) and Hermès (2.20% at 2,697 euros) are also in good posture, just like L’Oréal (+2.65% at 364.10 euros), drawing the CAC 40 upwards. In Zurich, Richemont increased by 2.70% to 174.70 Swiss francs. Burberry reported a lower than expected drop in its comparable sales in the third quarter.
The British luxury group benefited from high demand during the holiday season, especially in the United States. In the “Americas” region, sales increased by 4%, stimulated by local spending against a drop of 18% in the second quarter. “We were encouraged by performances in New York, where we concentrated our local marketing efforts after the reopening of our renovated store of the 57th street,” said Burberry.
In addition, turnover in China fell 7% in this third quarter against a decrease of 27% in the second quarter.
Jefferies explains that “merchandising and marketing focused on Burberry’s most attractive products, using the brand’s distinctive signs of the brand”.
Burberry aims “sustainable and profitable growth”
-“As we have already indicated, we act urgently to stabilize the activity and position the brand so that it revives sustainable and profitable growth, supported by a high generation of liquidity and a solid assessment. We are convinced that our strategic plan will improve our performances and promote long -term value creation, “said group concerning its prospects, parallel to its quarterly publication.
“With its performance in the third quarter, it is now more likely that the results of the second half will largely compensate for the adjusted operating loss of the first half, despite the uncertainty of the macroeconomic environment,” said the British luxury group.
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