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Burberry profits up 8% as Christopher Bailey takes charge

Burberry has reported “record profits and revenue” for the year to March 31, with adjusted pre-tax profit increasing 8% to £461m.

Revenues rose 17% to £2.33bn. Like-for-like sales climbed 12% with outerwear, large leather goods and menswear the key growth drivers.

However, Burberry warned that profits could be hit next year by unfavourable exchange rates, while margins may suffer from higher investment in digital platforms in flagship stores.

Christopher Bailey, who took up his new role as chief creative and chief executive on May 1, said the performance reflected “strategic focus, continued investment, disciplined execution and outstanding brand momentum” during the year.

He added: “As we enter a new chapter, our teams are united and energised by the opportunities ahead – from unlocking Japan, to accelerating Beauty and further integrating the physical and digital to deliver distinctive experiences. While mindful of macroeconomic uncertainties and currency headwinds, we remain focused on the things we can control and confident of driving sustainable future growth, benefiting all our stakeholders.”

Burberry, which has four stores and 10 concessions in Japan, said it would be focusing on the Japanese market, and plans to open stores in Omotesando, Shinjuku, Tokyo and Osaka, as well as 10 concessions a year in 2016 and 2017. By the end of the 2017 financial year, Burberry said it wanted to increase revenue in Japan fourfold to £100m.

The company also announced that Easyjet chief executive Carolyn McCall is to join the board as a non-executive director and member of each of the Audit, Remuneration and Nomination Committees from September 1. McCall has previously served as a non-executive director of Lloyds TSB, Tesco and New Look.

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