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Burberry hopes to avert a pay row with forecast-beating sales
Luxury goods group Burberry yesterday appeased investor concerns over its chief executive’s pay after posting bigger than expected rise in first quarter sales.
Retail sales jumped 17 per cent to £370m in Christopher Bailey’s first three months at the helm, beating analyst forecasts for around £350m.
Like-for-like sales were 12 per cent up from the same period last year compared with eight per cent growth forecast by the City.
But Burberry warned that the rising pound had put pressure on the group, with unfavourable exchange rates potentially wiping £55m off full-year profits.
Despite the cautionary tone, shares rose 3.1 per cent yesterday. The company is holding its AGM today where it is expected to faced questions over its pay policy.