Burberry shares jumped as much as 16% after reporting shallow third-quarter sales on Friday, the first glimpse of Chief Executive Officer Joshua Schulman's efforts to revamp the beleaguered British fashion house.

Comparable sales fell 4% in the three months to December. Analysts expected a 12% decline from the consensus estimate compiled by the company.

Shares were trading slightly higher by 10:00 a.m. London time to add 12.9% to trading, while other luxury goods stocks were higher.

Total revenue during the holiday shopping period was £659 million ($816 million), down 7% on a reported currency basis.

Sales in Asia Pacific and Europe, the Middle East, India and Africa fell 9% and 2% respectively, but sales in the Americas fell 4%, reflecting a broader resurgence among U.S. consumers in the luxury sector.

The company said it was now "more likely" that second-half results would roughly offset its first-half adjusted operating losses.

Schulman said he was "encouraged" by customer reaction to Burberry's latest campaign, but noted that the brand's transformation was still in its early stages and "there's still a lot to do."

"Since launching Burberry in November, we have taken action at Pace to advance our strategy of reigniting desire for the brand, improving performance and driving long-term value creation," he said in a statement on Friday.

"The acceleration in our core categories reinforces our belief that Burberry has the most real opportunity and that our strategic plan will deliver sustainable, profitable growth over time."

Chief Financial Officer Kate Ferry said the company has not set a time frame for the overhaul but hopes to return to its recent success in the near term.

"This is definitely where we intend to get back to," she said in response to CNBC questions during the earnings call.

Ferry also said the company may hope to benefit from "encouraging macro trends" boosting U.S. consumption, but it is not currently factoring that into its forecast. Analysts predict continued growth in U.S. sales as consumers benefit from a dollar, cryptocurrency gains and market rallies caused by President Donald Trump.

Schulman announced the emergency plan in November to "get it right" after a long period of poor performance at the company amid falling sales and a series of management changes.

Schulman said the plan was to return the brand to its "original purpose") sending Burberry stock to an all-time high, and the stock has since been tracking higher amid renewed investor sentiment.

The announcement comes alongside Burberry's results for the period ending September 28, 2024, during which second quarter sales hit 20%.

The strategic overhaul marks the latest iteration for the 169-year-old retailer. Schulman joined from Michael Kors in July, becoming the brand's fourth CEO in the past decade.

Analysts welcomed the results as a positive initial sign for the brand, with RBC pointing to special efforts to streamline stores and collections.

"We view these results as a first step in the right direction related to storage layout and presentation, a renewed focus on core product categories and the contribution of Markdown activity," said RBC analyst Piral. It all helps improve," Dadhania and Richard Chamberlain wrote in Friday's note.

The results are broader on luxury sales during the holiday season, with Cartier & Co. Richemont last week reporting its "highest ever" quarterly sales figures, raising hopes of a long-running turnaround in the luxury goods market.

"Several factors contributed to this positive surprise. First, recent Ridgemont results showed that overall demand was improving in all countries, with Burberry gaining traction in all regions, particularly in the U.S. Improvements in turn," said Mamta Valechha, discretionary analyst at Quilter Cheviot.

“Additionally, Burberry’s efforts to clear inventory through heavy discounts have helped boost sales and manage stock levels effectively. Seeing as Burberry’s back-to-back strategy may have started to show positive results, it is resonating well with consumers, "She's extra.