Burberry in fashion despite revenue drop

Shares in FTSE 100 fashion house Burberry (LON:BRBY) climbed by 4.78% to 1,821p (as of 14:00 GMT) despite the company reporting a 4% decline in retail revenune for the quarter ended 26th December. The company said that lower footfall offset an increase in full price sales, but that there were encouraging developments on margins and product mix.

CEO Marco Gobbetti commented: “Despite the challenging external environment, we made good progress on our strategic priorities in the quarter. We saw a strong increase in full-price sales as our collections and communication resonated well with new, younger clientele as well as existing customers. Our localised plans and digital capabilities helped drive growth in rebounding markets and we implemented our planned reduction in markdown. While the short-term outlook remains uncertain due to COVID-19, we are well placed to accelerate when the pandemic eases.“