Burberry stepping out in style with firm profits
Fashion house Burberry has hailed a“very encouraging” response to collections from new designer Riccardo Tisci as it held annual earnings firm.
The group, famous for its trademark trenchcoats and signature brown check, said with exchange rates stripped out, underlying pre-tax profits remained flat at £443 million over the year to 30 March, while revenues dipped 1 per cent to £2.7 billion.
But group like-for-like sales lifted 2 p er cent, with “midsingle digit” growth in the UK thanks to higher tourist spend over the final six months.
Chief executive Marco Gobbetti said: “We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations.
“Riccardo Tisci’s first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging.”
On a reported basis, pre-tax profit rose 7 per cent to £441m.