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Burberry sales rise 15%, beats Street

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London U.K. luxury goods retailer Burberry said Tuesday that it experienced a 15% rise in sales for its fiscal third quarter.

Results surpassed analyst estimates, and the company said it now expects pretax profit for the year will reach the top end-of-market expectations.

The retailer and manufacturer said total sales rose to 380 million pounds ($624 million) in the third quarter ending Dec. 31, against sales of 329 million pounds in the year-ago period. On an underlying basis that strips out currency and other items affecting comparability, that's a rise of 12%.

Burberry reported a 17% rise in retail sales and a 10% gain in same-store sales growth, noting good performances from outerwear and non-apparel, while digital media initiatives helped drive traffic.

There was strong growth across all regions for Burberry, with retail/wholesale revenue for Europe up 18% and Asia Pacific up 20%. Wholesale sales rose 11% in the period while licensing revenue rose 22%.

The company opened five mainline stores, including flagships in Tokyo and Burberry London and Burberry Brit stores in New York, along with six franchise stores in emerging markets.

© 2014