12th Nov 2015 07:42
LONDON (Alliance News) - Burberry Group PLC on Thursday reported a rise in profit in the first half of its financial year but said revenue remained flat as declines in wholesale and licensing sales offset growth in retail sales, as luxury goods retailer warned that the external environment remains uncertain and challenging.
The fashion brand said pretax profit in the six months ended September 30 grew 9% to GBP155 million from GBP142 million in the same period the prior year, although revenue remained flat year-on-year at GBP1.10 billion. A rise in retail sales to GBP773.6 million from GBP748.1 million was offset by a fall in wholesale sales to GBP304.8 million from GBP317.2 million and in licensing revenue to GBP26.1 million from GBP34.7 million.
Burberry will pay an interim dividend of 10.2 pence per share, a 5% increase on the year before.
"Since the start of the third quarter, comparable sales, although volatile, have improved overall relative to the second quarter. Ahead of the key festive period, we continue to assume mid single-digit percentage growth in comparable sales in the second half, but the external environment remains challenging and uncertain," Burberry said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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