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| Burberry revenues see strong growth | Burberry revenues see strong growth |
| (about 1 hour later) | |
| Fashion retailer Burberry has reported a 30% rise in revenues in the past six months, after enjoying strong growth in all of its markets. | Fashion retailer Burberry has reported a 30% rise in revenues in the past six months, after enjoying strong growth in all of its markets. |
| Revenues at the group - best known for its red, black and camel check design - hit £830m for the six months to 30 September. | Revenues at the group - best known for its red, black and camel check design - hit £830m for the six months to 30 September. |
| Like-for-like retail sales - which ignore new store openings - rose 16%. | Like-for-like retail sales - which ignore new store openings - rose 16%. |
| Burberry added that its Chinese stores had seen same-store sales growth of 30% in the past six months. | Burberry added that its Chinese stores had seen same-store sales growth of 30% in the past six months. |
| 'Blistering' growth | |
| Despite the rapid pace of growth the company's shares were down almost 2% in morning trading with investors concerned about the sustainability of expansion in developing markets, like China. | Despite the rapid pace of growth the company's shares were down almost 2% in morning trading with investors concerned about the sustainability of expansion in developing markets, like China. |
| Since the start of July, Burberry shares have fallen by 20%. | |
| Many luxury goods companies have been reaping the benefit of the developing world's rapid economic growth, which some economists think is unsustainable. | Many luxury goods companies have been reaping the benefit of the developing world's rapid economic growth, which some economists think is unsustainable. |
| But Burberry, which has been making raincoats and handbags for 155 years, said there was no sign of a slowdown yet. | But Burberry, which has been making raincoats and handbags for 155 years, said there was no sign of a slowdown yet. |
| "Our first half performance, with 30% revenue growth, clearly demonstrates the continuing global momentum of the Burberry brand, underpinned by consistent and balanced double-digit growth in retail and wholesale, all regions and all product categories," said chief executive Angela Ahrendts. | "Our first half performance, with 30% revenue growth, clearly demonstrates the continuing global momentum of the Burberry brand, underpinned by consistent and balanced double-digit growth in retail and wholesale, all regions and all product categories," said chief executive Angela Ahrendts. |
| However, she added that Burberry was "fully prepared to act appropriately" should there be any significant change in luxury demand. | However, she added that Burberry was "fully prepared to act appropriately" should there be any significant change in luxury demand. |
| Richard Hunter, the head of equities at Hargreaves Lansdown Stockbrokers, said the recent stock market falls had been overdone: "Revenue growth continues at a blistering pace, despite recent markdowns of the stock given a potential Chinese slowdown." | |
| He said expansion plans could hold back profits but added: "Burberry remains a rare example of burgeoning retail growth." | |
| The company currently has 187 retail stores, 210 concessions, 44 outlet shops and 52 franchises. | The company currently has 187 retail stores, 210 concessions, 44 outlet shops and 52 franchises. |