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Burberry's sales jump 18%

Luxury group Burberry posted an 18% sales increase in its second half, revealing double digit growth in its retail and wholesale divisions.

Retail sales, which accounted for over 50% of total revenue in the second half, increased 17% on an underlying basis. Non-apparel continued to outperform driven by sales of handbags, footwear and accessories. In apparel, growth was driven by outerwear, knitwear and dresses. Nine stores and around 40 concessions were opened during the period.

Wholesale, which accounted for 40% of total sales, soared 25% on an underlying basis. As with retail, non-apparel and outerwear were the best performing categories. Based on orders received to date, Burberry expects wholesale revenue to jump around 10%, on an underlying basis, in the six months to September.

However, licensing revenue remained flat, as expected.

Burberry chief executive Angela Ahrendts said: "Burberry had a good finish to the year, against the background of an increasingly challenging external environment. Looking forward, we are thrilled with the momentum of our brand as our core luxury, retail and non-apparel strategies continue to gain traction, while our seasoned management team focuses on improving the operational aspects of our business."

This year, the group expects to open around 15 stores, and increase retail space by up to 13% year-on-year.

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