Burberry beats quarterly sales forecasts
UK luxury goods group Burberry has said it has not seen a slowdown in sales of its leathergoods, and has beaten analysts’ forecasts in its second quarter results.
“No evidence of any slowdown... What we have seen is consistent strong brand momentum and business growth,” finance director Stacey Cartwright told media after the group posted a 29% rise in second-quarter revenue.
Burberry said it would press ahead with its expansion plans, but that it was ready to adjust should signs of a decrease in spending emerge.
Revenues for the three months ended September 2011, Burberry’s second quarter, reached £463 million, in line with the 30% growth achieved in the first quarter and above a forecast for £448 million in a Reuters poll.
Demand was driven by new store openings and by tourists from around the world, including China, Brazil, Russia, India and Saudi Arabia.
Comparable store sales growth accelerated to 16% in the second quarter from 15% in the first, with sales in China remaining at around 30%.
