Luxury group Burberry beat forecasts with a 24 per cent rise in first-quarter underlying revenue, helped by a bringing forward of wholesale orders and strong demand for outerwear and accessories.
The 154-year-old maker of raincoats and handbags said it made £282million of revenue, excluding a restructuring at its Spanish arm, in the three months ended June, led by growth in Asia and the rest of Europe.
That compares with an average forecast of £263million in a Reuters poll of eight analysts.
Sales at the group's retail outlets rose an underlying 16 per cent, including a 10 per cent increase at shops open at least a year, while wholesale revenue leapt an underlying 46 per cent, helped by a pull forward of orders into the first quarter.
Burburry, best known for its camel, red and black check pattern, said it was keeping its guidance for a high-teens percentage increase in first-half underlying wholesale sales.
Luxury goods firms mostly enjoyed a strong start to 2010 as the world economy moved out of recession. But moves in several countries to rein in government borrowing, like higher taxes and public spending cuts, have raised fears demand will slow again.
Burberry weathered the recession better than many rivals thanks to a quick response which saw it cut costs, jobs, stocks and ranges. In May it announced plans to step up its expansion, with a focus on emerging markets, e-commerce and menswear.
Burberry shares have beaten the STOXX 600 personal goods sector by 25 per cent this year. They closed on Monday at 789.5 pence, valuing the business at about £3.5billion.
