Luxury goods retailer Burberry’s sales showed no signs of wilting in the recession after it reported improved trading so far this year.
The group said store-based sales, which account for nearly 60 per cent of its business, were up three per cent on a like-for-like basis in the three months to March 31, compared with the fall of three per cent seen in the previous quarter.
Though still challenging, Burberry said its markets in the United States, Europe and Spain are all performed better, with operations in Korea and the UK posting “exceptional” performances in the period.
With the company also on track to deliver £50m of annual cost savings, Burberry said it expected results for the 2009 financial year to be around the middle of the current range of market estimates.
Chief executive Angela Ahrendts said: “Burberry made good progress in the second half.”
Shares rose by more than one per cent in early trading following yesterday’s update.
Burberry said non-clothing ranges delivered the strongest growth, while a move into children’s wear continued to go well after the opening of five trial stores. The better performance in retail was offset by second half declines in wholesale and licensing revenues.