Luxury clothing and accessories retailer of Britain, Burberry managed to beat all third-quarter sales forecasts pegged, on Tuesday, mainly on the back of a wind-back in demand from department stores, in addition to strong sales of clothes and accessories at its own retail stores.
The company has now gone ahead and raised its complete year earnings guidance to expect the figure to be towards the top end of the range estimated. Last year, the retailer was forced to discount all its offerings heavily in order to attract more business during the Christmas period.
"While continuing to plan cautiously for 2010/11, we are confident that our strategies by product, region and channel — underpinned by operational efficiencies — will drive profitable growth", said Chief Executive Angela Ahrendts.
Overall, Burberry posted a 12% surge in sales, for the three months up-to December 31, 2009, to 380 Million Pounds, with same-store sales at its own chain of retail stores up by 10%, which has been much beyond the expectation of 3% pegged by analysts.
On the news, shares of the company hiked by 2.1% to 613 pence. Over the past three months, the stock has managed to rise by 7%.
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