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Burberry fashion brand reports 40% profit rise | Burberry fashion brand reports 40% profit rise |
(about 2 hours later) | |
Strong sales of leather bags and other accessories have boosted profits at luxury fashion brand Burberry. | |
Profits for the 12 months to the end of March were £296m, up 40% on a year ago, with revenues up 27% to £1.5bn. | |
Burberry said its focus on non-apparel had paid off, as the sector accounted for nearly half of its sales growth. | |
It is planning a 12-13% increase in average retail selling space in the coming year, with a bias towards China, Latin America and the Middle East. | It is planning a 12-13% increase in average retail selling space in the coming year, with a bias towards China, Latin America and the Middle East. |
Burberry - famed for its camel, red and black check pattern - said it would open between 20 and 25 new stores this year, despite tough economic conditions. | |
"With a strong financial position, Burberry will continue to invest for growth in the current year," the company said. | |
Richard Hunter, head of UK equities at Hargreaves Lansdown Stockbrokers, said: "For the moment Burberry remains a rare and notable example of a retailer enjoying a stellar growth trajectory." | |
But he warned that, "the company remains exposed to changes in demand for luxury goods, which in turn is connected to general global economic health". | |
Burberry raised its full year dividend by 43% to 20p a share. | |
It predicted a small rise in its profit margin this year, although it said that would be depressed in the first six months by its investments. |
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