0854 GMT - Luxury stocks rise at the open after Burberry's better-than-expected results fuel investor optimism around a turning point for the sector. The U.K. trench coat maker reported fourth-quarter calendar year revenue growth ahead of market expectations and like-for-like sales growth at minus 4%, against the minus 12% analysts were anticipating, Bernstein analysts say in a note. The results come after strong business updates from peers Richemont and Brunello Cucinelli. Burberry shares soar 15% to 1,228.50 pence. Kering jumps 8.3% and Salvatore Ferragamo and Moncler rise 4.3% and 4.4%, respectively. LVMH and Swatch Group climb more than 3.5%, and Richemont gains 2.6%. (maitane.sardon@wsj.com)
(END) Dow Jones Newswires
January 24, 2025 03:55 ET (08:55 GMT)
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