* Luxury group's sales rebounded strongly in December
* Sees full-year revenue decline of 10-11%, beating
forecasts
* Shares recover to pre-pandemic level
(Adds shares)
LONDON, March 12 (Reuters) - British luxury group Burberry
said on Friday it would beat market forecasts for
profits and revenues in its final quarter after a strong rebound
in sales since December, sending its shares to pre-pandemic
levels.
In an unscheduled trading update, the company famous for its
trench coats said comparable store retail sales in the last
quarter of its financial year to March 27 were expected to be
28% to 32% higher than the same period last 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," it said.
Shares in Burberry jumped as much as 10% in early deals to
the highest level since Jan. 22, 2020. They were trading up 8.3%
at 2,153 pence at 0859 GMT.
For the full year, it said it expected group revenue to
decline by 10% to 11%, while its adjusted operating margin would
to be in the range of 15.5% to 16.5%.
Analysts on average had expected group revenue at constant
exchange rates to fall 13% for the year, according to a
consensus compiled by the company in January.
Burberry, which showed its first menswear-focused collection
by designer Riccardo Tisci last month, has seen a strong
recovery in sales in mainland China and South Korea.
Growth in Asia has in part offset declines in Europe, where
regional COVID-19 lockdowns and travel restrictions have shut
stores and deterred tourists.
Rival luxury groups have also seen recoveries in the
important Chinese market.
Italian fashion house Prada and luxury goods group
Salvatore Ferragamo said this week that strength in
China had boosted sales this year.
Burberry will publish its full-year results on May 13.
(Reporting by Paul Sandle; Editing by Sarah Young, Michael
Holden and Jan Harvey)
Burberry (BRBY)