Burberry (BRBY) shares in London trading surged after the luxury group posted better-than-expected sales over the third quarter, raising investor hopes that the sector is on the path to recovery.

The British company, which is in the midst of a 澳洲幸运5官方开奖结果体彩网:turnaround to focus on its core products like scarves and trenchcoats, reported that comparable store sales fell 4% in the 13 weeks to December 28. That figure beats analysts estimates of a 12% drop, according to CNBC.

The⭕ period covered the Christmas holiday shopping period.

Burberry said that given its third-quarter performance, its second-half results are likely to "broadly offset the first-half adjusted operating loss, notwithstanding the uncertain macroeconomic environment.”

Burberry’s results follow 澳洲幸运5官方开奖结果体彩网:record quarterly sales by Cartier parent Richemont. The luxury sector had been struggling after the 澳洲幸运5官方开奖结果体彩网:boom following Covid fizzled and as Chinese spenders pulled♓ back as they coped with a real estate slump. 

Burberry shares in꧒ London jumped 12% in intraday trading Friday anওd are up by almost a quarter this year through Thursday.