Burberry climbs as sales start to pick up

Shares in FTSE 100 fashion firm Burberry (LON:BRBY) rose by 1.52% to 1,651.76p (as of 11:35 GMT) despite a 31% drop in revenues for the half year ended 26th September. Management said that a recovery was underway and retail sales had returned to growth during October, with strong performances in mainland China, Korea, and the US.

CEO Marco Gobbetti commented: “Though the momentum we had built was disrupted by COVID-19 at the start of the year, we were quick to adapt, while making further progress against our strategy. While the virus continues to impact sales in EMEIA, Japan and South Asia Pacific, we are encouraged by our overall recovery and the strong response to our brand and product, particularly among new and younger customers. In an environment which remains uncertain, we will continue to deliver exceptional product, localise plans and shift resources, while leveraging the strength of our digital platform to inspire customers.“