Burberry shares jump 6% after strong sales report

Burberry Group

Last Updated at 20 Aug 2014, 11:36 ET *Chart shows local time Burberry Group intraday chart
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Burberry shares closed up 6% at £1215 after quarterly sales results easily beat expectations.

Underlying sales at the luxury clothes retailer were up 33% in the last three months of its financial year compared with a year earlier, the firm said.

Sales in the Asia Pacific region played a big part in the strong showing, led by Hong Kong and Taiwan, it added.

Burberry said full-year profits, which have yet to be announced, would come in at the top end of market expectations.

Prior to the announcement, analysts were predicting a full-year profit of up to £290m ($178m).

However, this was before the fashion company revealed a fourth-quarter revenue figure of £390m that easily beat an expected £357m.

The firm plans a 12-13% increase in average retail selling space in the coming year, with a bias towards China, Latin America and the Middle East.

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