15th Apr 2015 06:25
LONDON (Alliance News) - Burberry Group PLC Wednesday reported growth in revenue for the second half if its financial year and said it is facing "strong demand" for its core heritage trench coats and scarves.
The fashion retailer said underlying revenue for the six months to March 31 was up 9% on the same period last year at GBP1.42 billion from GBP1.30 billion. Underlying retail revenue was up 13% at GBP1.06 billion from GBP928 million on the previous year. It said there was double-digit sales growth in the Americas and Europe, Middle East, India and Africa, with strong performance in the UK, France and Italy from both domestic and travelling luxury customers.
Wholesale revenue was GBP331 million, down from GBP333 million, with underlying beauty sales up 8%.
The company said it opened seven mainline stores during the period, including stores in the US and Japan, and closed nine.
"We are pleased to report a robust second half performance, despite an uncertain external environment. Total revenue grew by 9% underlying and 13% in retail, as customers responded strongly to product innovation, especially in our core British-made heritage trench coats and scarves, while we continued to invest in digital and retail initiatives, including flagship openings in Los Angeles and Japan," Chief Executive Christopher Bailey said in a statement.
"We anticipate external challenges will continue in the current year, but remain confident in our long-term strategy to build the Burberry brand and business globally," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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