(Bloomberg) -- British trenchcoat maker Burberry Group Plc reported third-quarter revenue that beat analyst estimates, providing a fresh boost to sentiment for Europe’s faltering luxury-goods industry.
Retail revenue rose 4 percent on a currency-neutral basis, the London-based company said in a statement Wednesday, compared with the median analyst estimate for a 3 percent gain. Total sales of 735 million pounds ($906 million) topped the 721 million-pound estimate.
The results will bolster optimism that the luxury business may have bottomed out after Cartier maker Richemont reported a return to growth last week. Burberry said its Asia Pacific division had a sales gain in the low single digits, marking a rebound for its largest division that accounts for more than a third of group sales.
Highlights of the quarter included a record number of views of the company’s Christmas ad and strong demand for new products, Chief Executive Officer Christopher Bailey said in the statement. Bailey is due to hand over the reins to Marco Gobbetti in July and will return to steering Burberry’s creative direction.
To contact the reporter on this story: Thomas Buckley in London at firstname.lastname@example.org. To contact the editors responsible for this story: Matthew Boyle at email@example.com, Paul Jarvis, Phil Serafino
©2017 Bloomberg L.P.