UK: Burberry Extends Bravo's Contract On Q1 Growth
Luxury brand Burberry Group Plc has extended chief executive Rose Marie Bravo's contract until July 2006, following positive first quarter growth.
Total revenues for the quarter ending 30 June rose by 14 per cent, which was "consistent with expectations for the full financial year," according to Bravo.
Retail sales for the period grew by 15 per cent at constant exchange rates, partly due to the addition of new outlets.
Bravo said: "In this quarter, which marks Burberry's seasonal transition from spring to autumn, we achieved strong sell-through of remaining spring/summer merchandise and experienced an encouraging initial consumer response to our autumn/winter collections."
Chairman John Peace said that Bravo has helped Burberry become "an international luxury brand" and that the company has "achieved great success with respect to revenues and profitability".
Burberry aims to open seven new outlets and concessions in 2004, which will add 8 per cent to its selling area.
The company said that though Bravo's vesting schedule had been altered, she had been given no new share incentives.
Companies: Burberry Group Plc
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