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LUXURY goods and fashion empire Burberry today reported sales of its distinctive checked clothes and accessories were recovering strongly from the poor start to the year.
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The designer and retailer, which boasts a host of celebrity clients from Madonna to Lyudmila Putin, wife of the Russian president, worried investors in the spring when it warned that like-for-like sales through its stores had fallen in the first seven weeks of the current quarter.
It blamed the impact of the Sars virus and the Iraq conflict, which stopped upmarket tourists from travelling and splurging on its exclusive merchandise.
But today, chief executive Rose Marie Bravo was able to deliver positive news on sales, saying that the group's like-for-like sales had turned positive since the first seven weeks, and had ended the quarter on 30 June with same-store sales ahead of last year's.
Many analysts had been banking on a recovery at the group, saying the pick-up in international travel cited by airlines and hotel companies in recent weeks should follow through to Burberry, which relies on tourists for about a quarter of its sales.
The statement should take some of the heat off Bravo, who has faced controversy over her potential £12.4m termination contract. At tomorrow's annual general meeting she faces shareholders who have been urged by activists including the National Association of Pension Funds to vote against her terms and conditions.
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