Burberry on track to refurbish entire store estate by 2026
Burberry has said it is on track to refurbish half of its store estate by the end of the 2024 financial year (FY24), and expects to refurbish its entire portfolio by 2026.
This comes as Burberry releases its trading results for the first quarter of FY24, a period during which the brand reopened its flagship New Bond Street store in June.
The retailer said it had refurbished a total of 19 stores during the period.
Burberry also revealed that it had seen an increase in revenue during the first quarter of FY24, as nearly all regions saw their sales increase.
This was particularly helped by a 46% increase in sales in Mainland China, which looks to be recovering from COVID-19 lockdowns.
Group sales outside of Mainland China grew by 11%, with only the Americas seeing a decline, of 8%.
As a result, retail revenue during the first quarter was £589m, up from £505m during the same period in 2022.
Jonathan Akeroyd, Burberry chief executive officer, said the luxury brand is on track to achieving its FY24 and medium-term guidance.