In the Q3 Burberry's Sales gone up by 27%
Burberry PLC, the luxury clothing and accessories maker stated that its third-quarter sales rose twenty seven percent from one year earlier to reach four hundred and seventy million pounds due to growing retail sales in China and at new stores.
The average estimate of three analysts which was compiled by Bloomberg was for sales of 437.7 million pounds. Excluding Spain, revenue went up by thirty percent, while total sales at stores open at least a year rose by fourteen percent.
Burberry's operations are being restructured, in Spain and if Spain's sales are considered then sales in the three months to Dec. 31 totaled four hundred and eighty million pounds up from three hundred and eighty million pounds seen a year earlier.
Angela Ahrendts, the Chief Executive stated that Burberry's adjusted profit before tax for the 2010 financial year will be at the top end of market forecasts. Burberry delivered firm and consistent growth in both wholesale and retail and in every product division and region.
Retail sales, which mean sales within Burberry-owned stores, went up by thirty six percent excluding Spain. Wholesale revenue went up by fifteen percent, including sales to department-store concessions.
Luxury retailers have been witnessing a strong turnaround in fortunes, as growth in up coming markets has pulled back sales out of the slump they suffered after the financial problem. Demand in China, and from Chinese tourists in Europe, has been the most important factor in increasing sales.
Compagnie Financiere Richemont SA, the Swiss watch and jewelry manufacturer on Monday reported a thirty three percent sales increase for the three months to Dec. 31 in the midst of paced up Asian sales.
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