Burberry Group repoorted today that three-month sales rose 27 percent and saying that adjusted full-year profit will exceed its previous estimate.
Revenue in the fiscal third quarter ended Dec. 31 increased to 480 million pounds from 380 million pounds a year earlier, London-based Burberry said today in a statement. Burberry now forecasts full-year adjusted pretax profit of 250 million pounds to 290 million pounds and predicts that the figure will be near the top end of the estimate, Chief Financial Officer Stacey Cartwright said . The previous prediction was for profit on that basis of 240 million pounds to 270 million pounds.
“Ongoing initiatives in retail, digital, product development and new markets underpin our confidence in the future,” Chief Executive Officer Angela Ahrendts said in today’s statement. The fourth quarter will be more challenging as year-earlier figures were stronger and as raw material costs rise, Cartwright said. Excluding Spain, where the retailer closed a factory, revenue advanced 30 percent in the fiscal third quarter, while sales at stores open at least a year rose 14 percent.
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