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As tourism in the UK & Europe softens, Burberry announces sales

Posted On: Jul 12, 2018   |   Posted By: Travel and Tourworld

As tourism in the UK & Europe softens, Burberry announces sales

Burberry Group PLC disclosed the flat first quarter retail revenue as development in the Asia Pacific and Americas was counterbalanced by frail demand in tourism in the UK and Europe.
Shares in the company dropped by 3.5% to 2,026p in morning trading.
In 13 weeks to June 30, the luxury fashion brand explained that it churned out retail revenue of £479mln in comparison to £478mln a year back. Comparable sales increased 3% in the period, easing back from the 4% increase reported the same time in 2017.
The Asia Pacific region grew comparable sales by a “mid-single digit percentage” as the Americas delivered a “high single digit percentage” increase. In the European, Middle East, India and Africa region, similar sales dropped by a “low single digit percentage”.
Tourism spending became softer in the UK and Europe after a series of terrorist attacks as the Middle East remained weak due to “macro-economic factors”.
Digital sales increased powerfully with more consumers making purchases on mobile...

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