British luxury brand Burberry has followed up its successful showing at London Fashion Week with improved sales figures.
The group's shares are up by more than 3%, thanks to the enthusiasm for Burberry's fall and winter collections. Handbags and casual outerwear proved particularly popular with shoppers preparing for cold weather.
Like-for-like sales in Burberry outlets rose by 5% in the quarter to the end of September, compared to the flat performance seen in the year's first quarter.
The luxury brand sold best in the United Kingdom, buoyed by tourists taking advantage of the weak pound.
"Today's statement confirms our view that the Burberry brand is likely to continue to outperform the rest of the luxury sector in the current difficult environment," said Dennis Weber, analyst for Evolution Securities.
It's great to see iconic brands like Burberry continuing to thrive despite the economic downturn. With some analysts predicting the worst is over, it seems the only way is up for this revamped British label.
[Source: Press Association]
[Image Source: Soul2Love/Flickr]
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October 15th, 2009 at 9:00 am
I don’t think the worst is over yet, we’ve had a temporary bounce which has boosted sales and shares in multiple sectors, yet the original issues have not been solved, and companies are still struggling, as consumer switch from spending to saving.
Should the downturn continue luxury brands will be hit even harder than they have already.
Remember Burberry reported a 6 million loss only back in May:
http://bagbunch.com/burberry-gets-back-to-basics-british-handbag-label-revamps-plaid-designs-for-financial-crisis/