Executive Summary

• Burberry reported 3Q17 retail sales growth of 4% to £735 million in constant currency (22% growth in reported currency), above the consensus estimate of £721 million. Comparable-store sales increased 3% year over year, beating analysts’ estimates of 1%.
• The strong sales performance in the retail business was driven by exceptional strength in the UK, where comparable sales grew 40% year over year, and a return to growth in the Asia Pacific region.
• The company did not report sales performance figures for the wholesale and licensing divisions. Burberry maintained its outlook for FY17.