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Burberry posts double-digit revenue rise

British luxury brand Burberry posted a double-digit rise in revenues during the first half, driven by strong sales of outerwear and large leather goods.

In the six months to September 30 total revenues rose 14% to £1.03bn as like-for-like sales increased 13%. The brand’s retail arm delivered a 17% growth to £694m as outerwear and large leather goods helped fuel growth.

Revenues at Burberry’s wholesale arm, excluding its beauty business, dropped 7% to £244m, however the brand expects a mid-to-high single digit increase in the second half.

The Americas saw underlying growth of 20% across both wholesale and retail, while the Asia Pacific region delivered a 15% rise. Europe, Middle East, India and Africa recorded a 14% increase in sales.

Online also continued to outperform in all regions and sales via iPads in store and “order on line, collect in store” both performed strongly.

Menswear and kidswear were standout performers with wholesale and retail sales across both growing by 11%. Womenswear grew 10%, while accessories sales rose by 9%.

Burberry said its adjusted profit before tax for the six months to September 30 was now expected to be around the level of the prior year, which is better than previous guidance of down year-on-year.

Chief executive Angela Ahrendts, who today also announced she was leaving the business after nearly a decade, said: “We are pleased with our first half performance, particularly in retail, with revenue up 17% driven by both online and offline.”

She added: “As we look forward to the second half, we expect the external environment will remain uncertain and currencies volatile. Our team is united in focusing on delivering a compelling brand message and exceptional product and service to our customers over the all-important festive periods, while continuing the momentum around beauty.”

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