1 Min Read
LONDON (Reuters) -Luxury brand Burberry said its profit would beat market expectations as its full-price sales accelerated in the third quarter, driven by a strong performance in outerwear and leather goods and a material improvement in Asia and Europe.
The British company said its adjusted operating profit for the year to April 3 would rise by about 35% at constant exchange rates.
Analysts had expected on average a rise of 19% to 472 million pounds ($642 million), according to a company-compiled consensus.
Full-price comparable store sales were 26% higher than the same period two years ago, Burberry said on Wednesday, while comparable store sales on the same measure were down 3% due to its planned reduction in markdowns.
($1 = 0.7353 pounds)
Reporting by Paul Sandle; editing by James Davey and Kate Holton
