Fewer tourists
Burberry’s third quarter turnover reached 603 million pounds (793 million euro), mainly because of lower Hong Kong and Macau sales. Its Hong Kong store even generated 20 % fewer turnover in the third quarter, which ended on 31 December. Without Hong Kong and Macau, Burberry’s turnover would have increased 3 %, while Japanese turnover grew more than 50 % thanks to a new store.
The weaker Hong Kong results are because Chinese tourists spend lower quantities and these usually represent about 40 % of Burberry’s total turnover.A third of these tourists come from the Asia / Pacific region.
European results were also a mixed bag: Italy and Spain experienced turnover growth of more than 20 % while France had a setback. The UK market was harsh, also because it welcomed fewer tourists from Asia and the Middle East.
