Burberry beats second quarter forecasts
Published: 14 October 2009 By MoneyHighStreet Staff Leave a Comment
Burberry has today announced second quarter revenue results which beat analyst forecasts, helped by demand for its luxury handbags.
Burberry had a dire year last year and its share press fell significantly but by taking action to cut costs it has come out on top.
As a result, the company is weathering the recession far better than perhaps might be expected for a luxury goods firm during a recession.
The Burberry share price has doubled since January.
Revenue for the quarter to end September was £343m, and like for like sales rose by 5%.
There has been a resurgence in the Burberry brand and the company this year returned to the London Fashion Week.
The company plans to open a further 15 stores this year.
The Burberry share price is currently up around 4% at 558.50p
