2 great FTSE 100 growth stocks you can buy on sale

Dip buyers looking for hot growth stocks should definitely take a close look at Burberry (LSE: BRBY) in my opinion.

The luxury goods leviathan has fallen 10% in a little over a month, retracing sharply after coming within a whisker of fresh record tops above £18 per share.

Times have been a little tough for the London designer more recently, of course. It advised in May that underlying sales slipped 2% during the 12 months to March 2017, to £2.8bn, a result that pushed underlying profit 21% lower to £462m.

However, signs of tentative improvement in some of its markets gives reason for encouragement. Burberry saw retail revenues in Mainland China improve steadily through the last fiscal year to deliver double-digit growth in the final quarter. And while sales declined in Hong Kong, the company saw takings pick up as fiscal 2017 progressed.

Burberry also saw sales in Europe steadily improve through 2017, underpinned by an excellent performance from its UK division.

Bag a beauty

Now don’t be mistaken, the trench coats and handbag maker still has much work ahead of it to get Asian customers marching through its doors again in their droves, while conditions also remain difficult in the Americas.

But judging by the positive reception to new lines, the allure of the brand remains as strong as ever, and its strength online, moves to  rationalise and improve its product offer, and bolster the customer experience should help to drive sales skywards again.

In the meantime Burberry is doubling down on cost savings to protect earnings. The company, having cut £20m worth of costs in 2017, aims to increase this to £50m this year and to at least £100m in 2019.

City analysts expect earnings at the firm to move just 3% higher in fiscal 2018. But bottom-line growth is expected to pick up thereafter and expansion of 12% is chalked in for 2019.

While a forward P/E ratio of 20.6 times may sit some way above the FTSE 100 corresponding average of 15 times, I reckon a stock with the international appeal of Burberry deserves such a premium.

Set to soar

I also reckon investors looking to nab a bargain need to check out GKN (LSE: GKN). The engineering colossus has seen its share value shuttle 13% lower since the start of March, away from then one-year peaks of 370p per share.

With a 10% earnings advance expected in 2017, this retracement leaves the company dealing on a prospective P/E rating of 9.6 times. The Redditch firm is expected to continue its upward charge with a 4% advance next year too.

Even though the business continues to face difficulties in its aerospace markets, the outperformance of its automotive operations is keeping earnings travelling in the right direction. Indeed, GKN noted in April that its Driveline division “delivered good first quarter sales ahead of global industry production rates that were up 6%.”

And I am convinced GKN’s commitment to improve margins, invest in its platforms, and make further shrewd acquisitions like that of Fokker in 2015 should help it to ride out broader troubles in its end markets.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK owns shares of GKN. The Motley Fool UK has recommended Burberry. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.