Burberry Group PLC (LON:BRBY) delivered 4% underlying retail sales growth in the third quarter as it said its long-term growth strategy is starting to deliver early results.
That said, the push wasn’t enough to halt the slide of sales in the Americas, which fell by low single digits, mirroring performance of the first half.
The performance in the UK was described as “exceptional” with tourists flocking to the capital’s high-end fashion chains, attracted by the weak pound.
Delivering retail revenues of £745mln, the group, famed for its distinctive Burberry check, said full-year earnings would be in line with market forecasts.
Cost savings for the 12 months are on track to be £20mln, as planned.
"With a record number of views of our festive film and strong demand for new products in our collections, this third quarter improvement reflects early progress from our plans to drive Burberry's performance for the long term,” said Burberry’s departing chief executive Christopher Bailey.
“We continue to take action to position the business for growth over time and our plans to enhance efficiency are on track."