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Burberry bounces back

Late Christmas shopping has boosted Burberry’s third quarter revenue.

The British luxury brand said total revenue for the last three months of 2012 grew nine per cent to £613 million (US$985 million). The retail business rose 13 per cent, benefiting from a particularly strong week in the run up to Christmas.

Strong growth came from expanded assortments in soft accessories. Mens tailoring grew by over 50 per cent and mens accessories were up nearly 40 per cent.

The company saw particular growth in Asia Pacific, led by China and Hong Kong, where it achieved a 15 per cent revenue growth.

“The better performance in China was we believe driven in part by an improvement in wider consumer sentiment, but also by self-help measures,” said CFO Stacey Cartwright.

However, Burberry’s wholesale business fell by five per cent due to weak wholesale business activities in Europe which offset its growth in the US and Asia Pacific.

CEO Angela Ahrendts said that while global market is expected to remain challenging, the company sees continued opportunities for its existing businesses.


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