Burberry shares went up 7 per cent on Friday following the announcement of a ‘strong rebound’ in sales over the last few months.
In an unscheduled trading update, ahead of its year-end, the company said: “Since December, we have continued to see a strong rebound and now expect revenue and adjusted operating profit to be ahead of consensus expectations.”
The forecast upgrade means like-for-like store retail sales in final quarter of its financial year are now expected to be up by nearly a third (in the range of 28 per cent to 32 per cent) compared to the same period last year. Boosted in part by continued strong sales performance in China and South Korea.
The overall decline in group revenue for the full year is expected to be 10-11 per cent.
Burberry’s preliminary FY2021 Results will be released on 13 May 2021.
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