Burberry up as 9% rise in revenue beats forecasts
British luxury brand Burberry Group has highlighted a rebound in Chinese demand as it beat forecasts with a 9 per cent revenue rise after a particularly strong week in the run-up to Christmas.
Shares in the 157-year-old seller of raincoats and leather goods, known for its camel, red and black check pattern, rose more than 4 per cent after it said three-month revenue to December 31st reached £613 million.
Last September Burberry sent shock waves through the global luxury industry by warning of a broad-based slowdown in spending, particularly in China. However it calmed investors with subsequent statements.
Its latest figures showed double-digit underlying sales growth for Hong Kong and China in the third quarter, a significant jump from “marginally positive” growth in the second quarter. – (Reuters)