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Buoyant Burberry expects top-end profits

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British fashion brand Burberry has revised its profit before tax expectations up after a strong third quarter.

Retail sales at the business were up 40 per cent year-on-year, while there was also significant growth of 15 per cent in wholesale revenue.

The figures are for the three-month period to December 31st, which indicates that the business experienced an impressive Christmas as other UK fashion firms such as New Look and Next saw retail sales decline.

Fellow up-market British brand Ted Baker also saw retail sales increase during the festive period, though, suggesting a strong consumer demand for designer brands.

International expansion has contributed to Burberry’s success, with seven mainline stores opening during Q3 including those in Sao Paulo, Brazil and Puebla, Mexico.

Angela Ahrendts, CEO of Burberry, commented: “The Burberry team delivered a 30 per cent increase in revenue in the third quarter, with strong, consistent growth in both retail and wholesale and in every product division and region.

“As a result, we now expect adjusted profit before tax for the current financial year to be at the top end of market expectations.

“Ongoing initiatives in retail, digital, product development and new markets underpin our confidence in the future.”

Published on Tuesday 18 January by Editorial Assistant

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