July 10 - British luxury brand Burberry maintained its full-year guidance as it posted an 18 percent rise in first quarter underlying retail revenue, driven by robust demand for spring/summer fashion. Hayley Platt reports.
18% is today's daily digit in Europe - the rise in first quarter underlying retail revenue at Burberry. The British luxury brand made more than half a billion dollars and maintained its full-year guidance. Spring/summer raincoats and large leather goods accounted for half the growth while men's accessories and tailoring performed better than expected. The 157-year-old retailer saw double-digit sales growth in Asia Pacific and the Americas and high single-digit growth in Europe, the Middle East, India and Africa. In May, Burberry said first half profit would be below last year's as it focuses on sales through non-Burberry stores. But its shares, up 14 percent over the last three months, rose another 4 per cent in early Wednesday trade.