The brand’s revenue increased by 23% to $3.52 billion, while its adjusted operating profit reached $645.3 million, with comparable-store sales rising by just 7% due to the impact of lockdowns in China.
The company noted that its performance for the remaining year largely hinges on the recovery in consumer spending in the Chinese market and the reopening of the country’s borders for international travel. Prior to the pandemic, China accounted for roughly 40% of its overall business.
Burberry said it is planning to maintain its guidance of high single-digit revenue growth in the medium term.
Chief Executive Officer Jonathan Akeroyd, who previously served as the head of Versace, highlighted the company’s progress over the last five years.
“I look forward to setting out my plans for building on these strong foundations and accelerating growth at the interim results in November,” he said.
Burberry said it is also actively managing challenges arising from record-breaking inflation, which at 9% is at its highest in the U.K. in four decades.