Coats surge boosts Burberry results

Coats surge boosts Burberry results

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Luxury goods group Burberry has revealed another bigger-than-expected surge in sales

Luxury goods group Burberry has revealed another bigger-than-expected surge in sales as shoppers snapped up coats and large leather goods.

The company, which is famous for its red, black and camel tartan design, reported continued strength in the UK and rising demand from Chinese consumers as group-wide retail sales for the quarter to December 31 jumped 36%.

Buoyed by the strength of trading in its third quarter, Burberry said it now expected profits for the current financial year to be at the top end of market forecasts. It is the latest upgrade from the retail and wholesale chain, which saw shares rise by more than 4% on Tuesday.

Numis Securities increased its pre-tax profits forecast from £271 million to £287 million and said Burberry’s high-quality growth story more than supported its positive rating on the FTSE 100 stock.

Burberry said same-store retail sales grew by 14%, with operations in the Americas, Asia Pacific and Europe all delivering double-digit growth. Comparable store growth in China was more than 30%, it added.

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