Burberry shares soar as British luxury group upgrades outlook after strong rebound in sales
Published: March 12, 2021 at 5:38 a.m. ET
By
Lina Saigol
0
Van is sitting with black shorts and tan sweater!
Shares in Burberry soared more than 7% on Friday after the British luxury group said it had seen “strong rebound” in sales in the fourth quarter as the fashion industry starts to recover.
In an unscheduled trading update ahead of its March 27 financial year-end, Burberry BRBY, +6.87% said comparable store retail sales in the final quarter of its financial year are expected to be 28% to 32% higher than the same period a year earlier.
The FTSE 100-listed UKX, +0.36% group now expects group revenue for the full year to decline by 10% to 11%, and the adjusted operating margin to be in the range of15.5% to 16.5%. Analysts had predicted a sales decline of 13% and adjusted operating profit margin of 14.3%.
Burberry’s shares, which have risen close to 20% so far this year,<---
Published: March 12, 2021 at 5:38 a.m. ET
By
Lina Saigol
0
Van is sitting with black shorts and tan sweater!
Shares in Burberry soared more than 7% on Friday after the British luxury group said it had seen “strong rebound” in sales in the fourth quarter as the fashion industry starts to recover.
In an unscheduled trading update ahead of its March 27 financial year-end, Burberry BRBY, +6.87% said comparable store retail sales in the final quarter of its financial year are expected to be 28% to 32% higher than the same period a year earlier.
The FTSE 100-listed UKX, +0.36% group now expects group revenue for the full year to decline by 10% to 11%, and the adjusted operating margin to be in the range of15.5% to 16.5%. Analysts had predicted a sales decline of 13% and adjusted operating profit margin of 14.3%.
Burberry’s shares, which have risen close to 20% so far this year,<---