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Burberry sales soar 30% in first half

Luxury fashion brand Burberry saw total revenue surge 30% to £830m in the six months to September 30.

Retail revenue rocketed 45% to £528m, with comparable store sales jumping 16%.

The retailer said markets including London “performed strongly”. It said New York, Paris, Hong Kong and Dubai were also highlights with core outerwear and large leather goods driving half of the retail growth.

Wholesale revenue increased by 9% to £248m led by strong performances in the Americas, emerging markets and travel retail plus new initiatives including men’s accessories and tailoring.

Burberry said first half operating margin improved for retail and wholesale, as a result of strong revenue performance and some “re-phasing of investments and costs”.

Burberry chief executive Angela Ahrendts said: “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.

“Looking forward, our focus remains on investing to drive growth and executing our innovative strategies in product design, digital marketing and retail, while being fully prepared to respond appropriately should we see any significant change in luxury demand.”

Burberry said that the “consistent execution of key strategies again drove revenue growth and average selling prices”.  It said core outerwear and large leather goods contributed half of the growth, adding that “the increased focus on Burberry London drove outperformance”.

Burberry opened a net eight stores in the first half, including two in India and two childrenswear stores in the Middle East and Hong Kong.

Average selling space jumped 14% in the first half, with the acquired Chinese stores adding a further 11%.

In the second half average selling space is expected to increase by 15%, with 8-10 stores expected to, including in China, Latin America and a flagship in Paris.

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