Burberry's sales dip not as bad as feared

BURBERRY reported a smaller-than-expected dip in sales yesterday as new chief executive Joshua Schulman's early efforts to revive the luxury label begin to take hold.

- SASKIA KOOPMAN

In a trading update for the 13 weeks to June 28, the British fashion house said retail revenue fell 6% to £433 million, with comparable store sales down just 1% - a sharp improvement on the 21% plunge it posted this time last year.

Sales rose in key regions, with the US up 4% and Europe, Middle East, India, and Africa rising 1%.

Greater China fell 5%, while wider Asia-Pacific was down 4%, hurt by weak demand in Japan.