British luxury brand Burberry achieved record revenue and profits over its last financial year as retail sales soared.
In the year to March 31 revenues rose 8% to £2bn while adjusted profit before tax soared 14% to £428m.
Reported profit before tax was however down 4% to £351m due to termination costs of a fragrance licence relationship.
Retail sales rose 12% during the year as wholesale revenues dropped 1%.
Sales of accessories rose by 8% and now represent 39% of wholesale/retail revenue, while men’s accessories sales rose by more than 30%.
Burberry opened 23 mainline stores during the year, including stores in London, Chicago and Hong Kong, and four stores in Brazil.
Although not currently profitable, Burberry said it would continue to invest in “high potential markets”. New franchise agreements have also been signed in Colombia, Chile and Barbados.
Sales in China grew by around 20%, where Burberry has 69 stores in 35 Chinese cities. During the next financial year a net eight new stores are planned.
Chief executive Angela Ahrendts said the business had “finish[ed] the year with a strong retail performance both online and offline”.
“Although the macro environment remains uncertain, Burberry is well positioned with opportunity by channel, region and product,” she added. “Our brand momentum, proven strategies and closely connected global team provide confidence in Burberry’s future performance.”