(Alliance News) - Burberry Group PLC on Friday raised its annual guidance, with the luxury goods firm enjoying a promising end to a Covid-19-hit year.
Burberry expects comparable store retail sales in the quarter ended March 27 to be between 28% and 32% higher annually.
For the full-year, revenue is to decline between 10% and 11% from GBP2.63 billion.
The luxury retail sector began to be hit by the onset of the Covid-19 outbreak in the fourth quarter of Burberry's 2020 financial year.
"Since December, we have continued to see a strong rebound and now expect revenue and adjusted operating profit to be ahead of consensus expectations," Burberry said.
According to company-compiled consensus, Burberry is to post adjusted operating profit between GBP218 million and GBP352 million. The consensus average is GBP301 million, which is a quarter lower than the GBP404 million Burberry achieved last year.
Burberry back in January said comparable store sales fell 9% in the 13 weeks to December 26, its third quarter, so the fourth quarter guidance suggests a promising resurgence for the company famed for its checked prints.
Luxury goods brands like Burberry generate hefty amounts of sales through tourism. Travel restrictions, therefore, have closed off big revenue contributions.
By Eric Cunha; ericcunha@alliancenews.com
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Burberry (BRBY)