Burberry on Friday reported a shallower-than-expected dip in sales in the fiscal third quarter, in the first glimpse of fresh efforts to revamp the beleaguered British fashion house.

Sales continue to fall at embattled Burberry but at a lesser rate than analysts had predicted. Retail revenues were down 7% in the three months to December, to £659 million. This was down 3% at stable exchange rates. Comparable store sales were down 4% year on year. Market consensus had suggested a fall of around 12%.

Burberry’s shares jumped as much as 15 per cent on Friday after the British luxury group reported a lower than expected fall in sales over the festive period, boosted by US shoppers splashing out on high-end fashion.