Burberry fashion group sees profits jump
- Published
Profits have jumped at fashion company Burberry on the back of strong sales in Asia and non-clothing items.
The luxury goods group beat forecasts with a 49% rise in first half pre-tax profits to £129m ($206m).
"The Burberry team delivered a strong first half," said chief executive Angela Ahrendts.
Much of the growth came from emerging markets where sales grew by 46%. China, in particular, has been a strong market for the company.
Emerging markets now account for 13% of the group's overall revenues.
Non-clothing items, namely leather goods such as bags and accessories, also enjoyed strong growth, with sales rising by 26%.
Burberry, known for its camel, red and black check pattern has recently adopted a new pricing strategy which means that its core items, such as its trademark rain coats and cashmere scarves, are never discounted.
Ms Ahrendts said that the brand strategy and investment in infrastructure have played a strong part in the latest results.
"The continued focus on the brand, ongoing investment in infrastructure... and a disciplined approach to driving growth, underpin our confidence in delivering long-term sustainable returns," she said.
- Published13 October 2010
- Published13 July 2010