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Burberry breaks £1bn sales barrier for first half

Burberry broke the £1bn sales barrier in its first half for the first time as pre-tax profit remained level.

The British luxury brand in the six months to September 30 recorded revenues of £1.03bn, up 17% on the same period last year. Pre-tax profit was largely flat at £173.9m compared with £173.4m the previous year.

Retail revenue grew 17% in the first half, and contributes 67% of group revenue up from 65% in the first half last year. Like-for-like store sales growth was 13%.

Wholesale revenue however declined by 7%, which Burberry said was due to “more conservative planning by customers globally”.

Outgoing chief executive Angela Ahrendts said: “We are proud to announce a first half performance that saw Burberry’s revenue exceed £1bn for the first time, reflecting the continuing strength of our global brand momentum.”

She added: “We remain focused on executing our retail, digital and marketing strategies in the all-important third quarter and in what remains an uncertain macro environment.

“The senior team continues to balance brand appropriate revenue growth, selective investment and infrastructure efficiencies to drive sustainable profit growth across the portfolio, especially with the significant long-term potential of our fifth product division, beauty.”

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