Estimated read time: Less than a minute
LONDON (AP) — Luxury goods maker Burberry says its retail revenue rose 1 percent in the last three months of 2015, as its critical market in mainland China returned to growth.
Shares in the company rose on the London stock exchange on Thursday, possibly due to investor relief that demand in mainland China held up.
The revenue growth was nevertheless far below the double-digit increase enjoyed a year earlier. Sales in Hong Kong declined by over 20 percent, hurting results for the Asia-Pacific region.
Christopher Bailey, chief creative and chief executive officer, says headwinds in Hong Kong and Macau "masked an otherwise stronger performance in many markets."
Anusha Couttigane, a senior consultant at retail analyst Conlumino, says "for all Burberry's investment in experiential retailing, its Q3 performance has enjoyed little Christmas cheer."