Luxury specialist Burberry reported a 24% hike in revenue to £291m for the three months to June 30, following a strong performance across retail and wholesale.

Retail revenue climbed 21% on an underlying basis to £171m. New store sales generated 6% of that growth. Like-for-like store sales were up 10%, driven by increased full-price sell-through.

Wholesale revenues were up 46% to £87m and licensing revenue rose 14% to £24m. Chief executive Angela Ahrendts said: “We plan to open between 20 and 30 stores in the current financial year, predominantly in the Americas and Asia Pacific.”

Broker Investec maintained its hold recommendation. Analyst Katharine Wynne said: “We expect strong positive earnings momentum, given exposure to emerging markets, retail expansion and some wholesale restocking.”

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