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Summary
- Burberry Group Plc announced that it had seen a rebound in sales since December.
- Sales from retail stores in the fourth quarter of FY2021 is expected to be between 28% and 32%.
After Burberry Group Plc (LON: BRBY) announced that it has seen a rebound in sales since December 2020 and expects results to be better than expectations, shares of the company jumped as high as 10 per cent on Friday, finally closing 6.87 per cent higher than the previous day.
Also read: Burberry (LON:BRBY) reports strong progress in strategic priorities for 3rd Quarter
The company said that due to a rebound in sales, comparable sales from retail stores in the fourth quarter of FY2021 is expected to come in the range of 28- 32 per cent, higher than the same period year ago. The company said that for the full year, it expected revenue to fall by 10-11 per cent and adjusted operating margin to be in the range of 15.5-16.5 per cent.
As Covid-19 restrictions eased and businesses have slowly resumed, demand for non-discretionary items is expected to pick up.
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A look at how three fashion stocks and how they have been performing on the exchange:
Next Plc (LON:NXT)
The company had said sales in the nine weeks till 26 December were down 1.1 per cent year-on-year, which was an improvement from their own guidance of -8 per cent. The company put its full year forecast of profit before tax at £370 million.
Also read: Next Plc (LON:NXT) rallies 9% to 5-year high as provisional Q4 online sales jump
For 2021-22, the company’s guidance for profit before tax – assuming its retail stores would be shut for February and March – has been set at £670 million.
The shares of Next Plc closed at GBX 7,688, up by 1.48 per cent on 12 March.
JD Sports Fashion Plc (LON:JD)
The company has said that despite Covid-related restrictions, its demand has remained largely robust in the second half of year, especially in November and December. As more and more consumers moved to its digital platforms, for the 22 weeks till 2 January, the total revenue from all like-for-like businesses was up 5 per cent year-on-year.
Also read: JD Sports (LON: JD.) expands its US footprint with the acquisition of Shoe Palace
The company had said that robust sales make the company confident that full year profit before tax till 30 January would be more than the current market expectations of £295 million approximately.
The shares of the company, with a market capitalisation of £8,527 million, closed at GBX 836.00, up by 1.14 per cent on 12 March.
Marks & Spencers Group Plc (LON:MKS)
For the third quarter of 2020, the company said revenue from total UK business at constant currency was £2,529 million. The Clothing & Home segment saw a 25.1 per cent fall in revenue, but online sales grew by 47.5 per cent, and sales from physical stores fell by 46.5 per cent.
Also read: Marks & Spencer Post First-Ever Loss In 94 Years After Its Clothing Sales Collapsed
CEO Steve Rowe said that business was good during Christmas, despite restrictions. He also said that the performances for the food business and the Clothing & Home segment recorded strong performances.
The shares of Marks & Spencer closed at GBX 158.10, up by 1.28 per cent on 12 March. It had a market capitalisation of £3,054 million.
