BURBERRY yesterday said the Chinese retail boom had helped to fuel its latest sales surge.
Like-for-like sales across Burberry’s stores around the world rose by 14 per cent in the last three months of 2010, it said yesterday.
The luxury goods company’s star performing market was China where comparable sales leapt by more than 30 per cent.
The company – known for its Burberry check – predicted that its profits for the current financial year would be at the top end of analysts’ forecasts.
Burberry said strong sales of coats and large leather goods had flown off the shelves – accounting for around half the sales growth.
Men’s accessories and its Prorsum menswear range also sold well.
Chief executive Angela Ahrendts (pictured) said that “ongoing initiatives in retail, digital, product development and new markets underpin our confidence in the future”.
Burberry’s strong sales figures – following impressive results from Cartier owner Richemont Group – suggest the luxury goods market is profiting as the economy improves.
Burberry recently bought out its trading partner to take closer control of operations in China as it pins its growth plan on emerging markets.
Ahrendts also said she expects to open another 50 stores in China over the next five years.
Analysts group Numis Securities increased its pre-tax profits forecast from £271m to £287m yesterday.
Burberry chief financial officer Stacey Cartwright said: “It’s not just China – we’re seeing growth in the global luxury consumer generally.
“We have a big year ahead and have pumped a lot of money back into the company through capital expenditure.”