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Burberry reports fall in underlying sales

Burberry, the company known for its check handbags and raincoats, was defiant Authentic Prada Shoes Outlet today despite a fall in underlying sales caused by a slump at its wholesale arm.

The fashion house, which recently hired Harry Potter actress Emma Watson as its new face, reported today that underlying group revenues, at constant exchange rates, were down 4% in Agatha Ruiz Dela Prada Outlet Online the three months to 30 June. Reported Apertura Outlet Prada Montevarchi revenues rose 8% to 229m.

The wholesale business saw sales drop 28% as retailers slashed the amount of Burberry stocks they held. The company is reorganising the division and closing some operations including the Thomas Burberry brand in Spain.

At Burberry stores, which include its flagship shop in London’s Regent Street, like-for-like sales were flat in the quarter, down from 3% growth in the previous quarter.

However, the figures were better than many in the City had expected given the recession.

Finance director Stacey Cartwright dismissed the wholesale drop as Agatha Ruiz Dela Prada Shoes Uk a “lagging indicator” that was related to the timing of shipping goods. She said many retailers would be happy with a flat like-for-like performance in the current economic climate.

“Burberry has got an enormous amount of brand momentum. Customers are looking Agatha Ruiz Prada Online Shop for something that has Best Prada Outlet In Italy longevity and feels like an Agatha Ruiz Agatha Ruiz Dela Prada Book Bags Dela Prada Uk Sale investment. People are still spending, but on the right product,” she said. “Our message is, steady as she goes.

“The UK C we’re very London-centric C is doing very well with the tourist inflows.”

The firm has decided to hold its annual fashion show in London rather than Milan this year.

It said the UK and Korea again enjoyed “exceptional” performances replica prada bags, helped by currency effects, contributing to double-digit growth in Europe, its biggest market, and Asia. This offset double-digit sales declines in the mid teens in the United States where the luxury goods market as a whole has been hit hard by the economic downturn.

Burberry said customers had responded well to its spring and summer ranges, particularly Authentic Prada Handbags Online Australia accessories, mens’ tailoring, denim, sport and childrenswear.

“The encouraging point is that like-for-like revenues were flat and ahead of expectations. This shows robust Authentic Prada Purses Sale demand for the brand in a weak trading environment,” said analysts at Morgan Stanley.

Katharine Wynne at Investec described the results as a mixed bag: “Trends in the first quarter show continuing relative out-performance in retail, whereas licensing and wholesale revenues have been distorted to some extent by timing factors. First-half guidance remains broadly unchanged, with sharp erosion in gross margins now widely expected, albeit with less distress discounting in this period.”