Burberry shares jump 6% after strong sales report
- 19 April 2011
- From the section Business
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.