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Jan. 23, 2019, 2:30 a.m. EST

Burberry sales stable, bucking China worries

By Adam Clark

Burberry Group PLC (BRBY.LN) said Wednesday that third-quarter revenue fell slightly but backed its full-year outlook, rebutting concerns of a slowdown in Chinese sales.

Retail revenue came to 711 million pounds ($918.3 million) for the 13 weeks to Dec. 29, down 2% at constant exchange rates. Comparable store sales rose 1%, it said.

Burberry said it had consistent performance across its regions. Asia Pacific benefited from a mid-single digit percentage rise in mainland China sales. Burberry shares were hit in October when luxury-goods peer LVMH Moet Hennessy Louis Vuitton SE reported slower Chinese sales for certain brands.

Burberry backed its previous fiscal 2019 guidance of broadly stable revenue and adjusted operating margins, and achieving GBP100 million in cost savings. In November, Burberry reported a 42% rise in interim net profit, despite a slight decline in revenue.

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