Burberry posts stellar performance

Strong sales of handbags helped Burberry to strong performance

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Burberry saw underlying revenue and profit climb 19% for the six months to September 30.

Revenue rose to £449.1 million from £392m for the six month period. Underlying operating profit also rose 19% to £95.1m, while pre-tax profit was up 31% to £15.1m. The luxury brand said that growth was driven by the success of its luxury, retail and non-apparel strategies.

Underlying retail revenue was up 25%, with like-for-like store sales up 11%. Burberry opened 11 new stores over the period.

Wholesale revenue also rose 16%, but was up 40% in the US.

Burberry said that accessories, excluding licensing, now made up 31% of sales, driven by sales of luxury handbags.

Burberry chief executive Angela Ahrendts said: "We are pleased with the progress Burberry has made in the first half of the year. This performance is consistent with our full year expectations. The diversity and balance that Burberry has across its products channels and regions give us many opportunities for future growth."