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Burberry bounces back with double digit growth

Burberry autumn 17 (1)

Heritage luxury brand Burberry has announced a boost to profits for the six months to 30 September 2017, with a 24% increase in reported operating profit to £127m.

Revenues also rose, up 9% to £1.26bn on a reported basis for the period. Growth was led by like for like store sales, which rose 4%.

Sales in the Asia Pacific region were reported to be particularly strong, with China delivering growth in the “mid-teens”, although the market in general was noted to remain “challenging”. Europe and the Middle East also reported growth, with double digit growth in the UK, however the brand reported a slight revenue decline in the Americas.  

The results show a marked improvement on the previous year end results, when reported profits before tax fell 5% to £395m in the year to March 31 2017, down from £416m.

Last week it was announced that Christopher Bailey is set to leave his role of president and chief creative officer at the end of 2018, after Marco Gobbetti took over as CEO in July.

Commenting on this latest set of results, Gobbetti said: “Consumers responded positively to fashion and newness, particularly in rainwear and leather goods. Digital revenue grew in all regions, led by mobile, while growth was strongest in our own stores in Asia Pacific.”

Readers' comments (1)

  • Not enough for the market: shares down 10% in early morning trading on this news.

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