Great news for Burberry:
Recession or no recession, it seems luxury goods are on the shopping lists of the rich again, judging by a good performance from Burberry. The retailer said its total sales in the three months to 31 December had jumped 12% to £380m, better than analysts’ forecasts of an increase of around 3%. Chief executive Angela Ahrendts said as a result, full year profits would be at the top end of City expectations and, despite some caution for 2010/11, it was confident of further profitable growth. The company had reacted quickly to the downturn by cutting costs and jobs and reducing its ranges, and now seems to be reaping the rewards as shoppers return to designer brands. – from Guardian