Burberry's 18% sales rise beats outlook
Source: Agencies |
July 11, 2013, Thursday
|
Print Edition
Print Edition
BRITISH luxury brand Burberry beat forecasts for the first quarter with an 18 percent jump in sales, boosting its shares and allowing it to keep its full-year guidance amid an otherwise struggling global economy.
The 157-year-old seller of raincoats and leather goods, known for its camel, red and black check pattern, said it made 339 million pounds (US$503 million) of retail revenue in the three months to June 30.
That compared with analysts' average forecast of 316 million pounds, according to a company poll, and 280 million pounds in the same period last year.
The 18 percent rise in sales was driven by robust demand for spring/summer fashion, the company said.
Comparable store sales growth was 13 percent, ahead of a rise of 8 percent in the fourth quarter of the previous financial year.
Burberry highlighted "an uneven trading environment" and said sales of outerwear and large leather goods accounted for over half the growth, while men's accessories and tailoring outperformed.
By region, the group saw double-digit comparable store sales growth in Asia Pacific, driven by Hong Kong and China, and the Americas and high single-digit growth in the Europe, Middle East, India and Africa division.
The 157-year-old seller of raincoats and leather goods, known for its camel, red and black check pattern, said it made 339 million pounds (US$503 million) of retail revenue in the three months to June 30.
That compared with analysts' average forecast of 316 million pounds, according to a company poll, and 280 million pounds in the same period last year.
The 18 percent rise in sales was driven by robust demand for spring/summer fashion, the company said.
Comparable store sales growth was 13 percent, ahead of a rise of 8 percent in the fourth quarter of the previous financial year.
Burberry highlighted "an uneven trading environment" and said sales of outerwear and large leather goods accounted for over half the growth, while men's accessories and tailoring outperformed.
By region, the group saw double-digit comparable store sales growth in Asia Pacific, driven by Hong Kong and China, and the Americas and high single-digit growth in the Europe, Middle East, India and Africa division.
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