Burberry sales showed no signs of wilting in the recession today after the luxury goods retailer reported improved trading so far this year.
The group said store-based sales, which account for nearly 60% of its business, were up 3% on a like-for-like basis in the three months to March 31, compared with the fall of 3% seen in the previous quarter.
Though still challenging, Burberry said its markets in the United States, Europe and Spain 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 (€56.2m) of annual cost savings, Burberry said it expected results for the 2008/09 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 1% following today’s update.