Burberry plans bag and shoe sales drive
Luxury fashion retailer Burberry has seen its revenues jump as it plans to double its sales of leather bags and shoes over the next few years.
The company posted revenues of £1.3 billion for the half year to October 1, up 5% from £1.2 billion posted a year ago.
This was driven by a double-digit increase in sales of leather goods, which jumped by 15% in the second quarter as its Lola handbag became a bestseller.
It also posted a 6% increase in its adjusted operating profits,
from £196 million last year to £238 million this year.
The company said it had increased its prices during the last half year in efforts to combat cost inflation.
Burberry's chief operating and financial officer Julie Brown said: "We are changing price as necessary. The range of price increases we have taken is between the mid-single digit to the high-single-digit level. The price changes that have been taken this year have been mostly in the rainwear, agility wear and scarf wear.”