Rise in line with expectations
Fashion retailer Burberry has posted a 30 per cent jump in underlying first-quarter sales, to£167.5 million - in line with company expectations.

Underlying retail sales rose 25 per cent to£97 million in the three months to June 30, which accounted for about 58 per cent of total revenue. Sales were boosted by key merchandise categories, including outerwear, luxury handbags and shoes. Performance was broadly consistent across all regions.

The group said it remains on schedule to increase net retail selling space by about 13 per cent for the financial year.

Underlying wholesale revenue soared 51 per cent and the group expects a mid-teens percentage rise in sales for the first half.

Burberry chief executive officer Angela Ahrendts said: 'The year is off to a good start. Our key strategies continue to drive strong retail performance and we are pleased that these retail-oriented initiatives are benefiting wholesale partners as well. Results for the quarter are consistent with our expectations for the full financial year.'

Seymour Pierce analyst Andrew Wade said: 'While we expected just a touch more than the 9 per cent [increase in] comparable store retail sales, the wholesale growth was ahead of our expectations. We must point out that, although it was expected, this was an excellent performance through what has been a difficult period for fashion retailers.'