15th Jul 2015 06:17
LONDON (Alliance News) - Burberry Group PLC on Thursday reported a rise in revenue in the first quarter of its financial year and said profit for the year will be GBP20 million higher than the prior year if exchange rates remain at current levels.
The fashion retailer said that retail revenue grew 10% to GBP407 million in the three months to June 30, as it experienced double-digit growth in Europe, the Middle East, India and Africa, high single-digit growth in the Americas, and low single-digit growth in Asia Pacific, hit by a challenging market in Hong Kong.
Burberry said it continues to receive a strong customer response to its heritage trench coats and cashmere scarves.
The company added that net new space in the year will contribute low single-digit percentage growth to total retail revenue, with 15 to 20 mainline store openings and a similar number of closures. Total wholesale revenue is expected to be broadly unchanged in the first half of the year at constant exchange rates.
Burberry said that if exchange rates remain at current levels, profit for retail and wholesale for the full year will be about GBP20 million higher than that achieved the prior year, and will be weighted towards the second half of the year.
"While mindful that the external environment remains challenging, we will continue to focus on growth opportunities across channels, regions and products, with exciting plans for the year ahead," Chief Executive Christopher Bailey said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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