Burberry Group Plc (BRBY) reported first-quarter revenue that exceeded estimates as strong sales to Chinese shoppers eased concern of fading luxury demand and sent the shares up the most in six months.
Retail revenue rose 9 percent to 370 million pounds ($635 million) in the three months through June, London-based Burberry said today in a statement. Analysts predicted 354 million pounds, according to the median of 15 estimates. The shares climbed as much as 5.7 percent, the most since Jan. 15.
Chinese tourist transactions in Europeincreased in the period, helping cushion softer local and Russian demand in the region, where sales grew by a low single-digit percentage, Burberry Chief Financial Officer Carol Fairweather said on a call with reporters. The U.K.’s largest luxury-goods maker said Asia-Pacific sales rose by a double-digit percentage. Read more..