Burberry's Sales Show Early Signs of Tisci's Appeal With Asian Consumers; Maintaining FVE
We are maintaining our fair value estimate of GBX 1,860 for narrow-moat Burberry, as the company reported improving quarterly retail sales. Group sales were up 2% and comparable sales were up 4% at constant currency. This compares to our expectation for a 1.5% annual growth rate and broadly stable revenue and margin in management’s full-year guidance. Burberry continues to reduce its nonluxury distribution channels, which has a dampening effect on sales, but we believe this is good for long-term...Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.
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