0749 GMT - Burberry's third-quarter beat could strengthen its stock amid a more favorable investor sentiment in luxury, Citi analyst Thomas Chauvet writes in a note. The U.K. luxury group booked retail revenue of 659 million pounds for its fiscal third quarter, down 3% on year at constant exchange rates. Comparable store sales fell 4% on year, while analysts had projected a 12% decline. After Richemont and Brunello Cucinelli's strong business updates, companies that are in the midst of a turnaround such as Burberry and Gucci owner Kering could benefit from favorable investor sentiment shift toward the sector, Citi says. Shares closed at 10.71 pounds on Thursday. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 24, 2025 02:50 ET (07:50 GMT)
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