Burberry sees year profit at top end of hopes

Luxury goods group Burberry forecast full-year profit at the top end of market expectations, as it beat forecasts with a 27 percent rise in third-quarter revenue, showing growth in all regions.
By The Newsroom
Published 18th Jan 2011, 07:58 BST

The 155-year-old maker of raincoats and handbags said on Tuesday revenue, excluding its restructuring Spanish business, rose to 470 million in the three months to December 31.

That compared with an average forecast of 434m, according to a company poll of 11 analysts, and 362m in the 2009 period.

Hide Ad
Hide Ad

Burberry, best known for its camel, red and black check pattern, said it saw strong consumer demand in both its retail and wholesale divisions, with double-digit growth across all product divisions.

"As a result, we now expect adjusted profit before tax for the current financial year to be at the top end of market expectations," said chief executive Angela Ahrendts.

"Ongoing initiatives in retail, digital, product development and new markets underpin our confidence in the future."

Burberry shares have surged 82 percent over the past year, periodically lifted by bid speculation. The stock closed at 1,059 pence on Monday, valuing the business at 4.6 billion.

The company has operations in Castleford and Keighley.

Related topics:BurberryCastleford