UK: Burberry FY profits soar 38%
- FY profit boosted
- Retail sales lead revenue growth
- Further flagships planned
Luxury goods giant Burberry has booked a 38% hike in full-year profit, on the back of strong sales of items such as handbags, jewellery and shoes and growth in China.
The company reported this morning (26 May) that full-year revenue was up by 27% for the year ended 31 March, reaching GBP1.5bn (US$2.4bn).
Burberry's reported profits during the period increased 38% to reach GBP296m.
The company said its retail revenue was up 36% and represented 64% of sales during the year. Non-apparel revenue was up 35% to make up 40% of sales, Burberry added.
Burberry said its emphasis this fiscal year would be on flagship openings and refurbishments in high profile locations including London, Chicago and Hong Kong.
"Burberry delivered strong operational and financial progress during the year, thanks to the consistent execution of our core strategies by our team and partners, more closely connecting our brand vision and values to consumers around the world," noted CEO Angela Ahrendts.
"While mindful of global macro challenges in the current year, we will continue to invest to drive growth across our portfolio by channel, region and product."
Click here to read the company's full financial report, and check back for further Burberry insight on just-style this afternoon.
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