BURBERRY has beaten beat forecasts with a 24 per cent rise in first-quarter underlying revenue.
The luxury retailer made £282m of revenue, excluding a restructuring at its Spanish arm, in the three months ended June, led by growth in Asia and the rest of Europe.
Sales at the group’s retail outlets rose an underlying 16 per cent, including a 10 per cent increase at shops open at least a year, while wholesale revenue leapt an underlying 46 per cent, helped by a pull forward of orders into the first quarter.
Burberry, best known for its camel, red and black check pattern, said it was keeping its guidance for a high-teens percentage increase in first-half underlying wholesale sales.
Burberry weathered the recession better than many rivals thanks to a quick response which saw it cut costs, jobs, stocks and ranges. I
n May it announced plans to step up its expansion, with a focus on emerging markets, e-commerce and menswear.
The group plans to open 20 to 30 stores this financial year, mainly in the Americas and Asia Pacific.
“Burberry has delivered a strong start to the year. The clear momentum in the business and our robust financial position together reinforce our confidence to increase investment for the future, while continuing to enhance the brand,” Chief Executive Angela Ahrendts said in a statement.