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Sales up at Burberry

Burberry reported a 26% jump in sales, with strong double-digit growth across all channels.

The luxury group said underlying sales rose to £254 million for the three months to December 31, with like-for-like retail sales up 14% and underlying wholesale sales rising by 74%.

Burberry said that sales of handbags, outerwear, footwear and other accessories, including scarves, were particularly strong during the period.

Total retail sales, which account for 60% of the business, rose to £161m, and were slightly below expectations with more stock sold during the Sale period than normal. However wholesale sales increased to £74m.

There was an 11% increase in average selling space year-on-year in the third quarter, with 12% expected for the second half as a whole. All markets except Spain showed positive comparable store sales growth, as Burberry opened six mainline stores during the period.

For the second half of the year, Burberry expects wholesale revenue to increase by more than 20% on a like-for-like basis, up from mid-teens growth previously.

Chief executive Angela Ahrendts said: "In the third quarter, Burberry delivered 26% sales growth, with solid double-digit growth in all channels and regions, notwithstanding economic and internal infrastructure challenges. This performance reflects the continued appeal of our new product and marketing strategies globally, and particularly in our high growth, under-penetrated regions including the United States, China and emerging markets."

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