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Strong first half at Burberry

Luxury brand Burberry reported strong like-for-like growth across retail, wholesale and licensing for the six months to September 30.

Total sales on an underlying basis were up 19% to £449 million.

Retail sales, which account for 45% of total revenue, were up 25% to £202m. Like-for-like sales were ahead 11%. The group attributed the growth to handbags, womenswear and outerwear.

Sales from the group's wholesale arm increased 16% and licensing was up 5% during the period. Wholesale, which accounts for 46% of total sales, increased to £207m, with a further mid-teens percentage increase forecast for the second half of the year. While Europe, the US and emerging markets performed well, sales in Spain were down year-on-year, with the territory expected to show further decline in the second half.

Like-for-like licensing sales were up 5% to £40m, but the group said the weakness of the Yen reduced reported sales and profits by about £3m in the first half.

Burberry expects average selling space to increase by 12% year-on-year in the second half.

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