logo
Plus   Neg
Share
Email

Burberry Q4 Sales Rise

British luxury group Burberry Group Plc (BRBY.L) reported Tuesday a 15 percent growth in underlying revenues for the fourth quarter ended March 31. For the second half, underlying revenue growth was 18 percent.

Angela Ahrendts, chief executive officer of the company said, "Looking ahead, while we remain vigilant about the external environment, our global teams continue to focus on optimising our core brand, digital and cultural initiatives, while investing to drive sustainable, profitable growth."

In a trading update, the company said its total revenues for the fourth quarter, on a reported basis, increased 16 percent to 453 million pounds. For the half year, reported revenues were 1.03 billion pounds, up 19 percent from 877 million pounds in the prior year.

Retail revenues, which accounted for 72 percent of total revenues, improved 25 percent in the second half to 743 million pounds from 596 million pounds in the prior year. Underlying, or at constant exchange rates, revenue growth was 23 percent. Comparable store sales in the half year increased 12 percent from the preceding year.

Wholesale revenue rose 7 percent on both a reported and underlying basis year-over-year to 230 million pounds. Licensing revenue were 54 million pounds, up from 50 million pounds reported a year ago.

In Asia Pacific, revenues grew 37 percent, and the growth was 11 percent in Europe. In the Americas and Rest of World revenues were up 7 and 27 percent, respectively.

During the second half, Burberry opened 11 mainline stores and closed six and expects to open about a net 15 mainline stores in Retail in fiscal 2013.

Looking ahead to the first half ending September 30, 2012, the company anticipates underlying wholesale revenue to increase by a mid single-digit percentage.

For the fiscal ending March 31, 2013, Burberry expects licensing revenue at constant and reported exchange rates to be broadly unchanged year-on-year.

BRBY.L is currently trading at 1,513 pence, down 73 pence or 4.6 percent, on a volume of 1.33 million shares on the LSE.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Goldman Sachs Group Inc. has made its first crypto-specific appointment with Justin Schmidt, a former cryptocurrency trader, as the financial services giant aims to explore creating a bitcoin trading desk, reports said. The bank spokeswoman Tiffany Galvin-Cohen was quoted as saying Schmidt joined the bank as a vice president and head of digital asset markets in the firm's securities division. Alphabet Inc. (GOOG, GOOGL), the parent company of Google, Monday reported a surge in profit for the first quarter, primarily reflecting strong revenue growth in search and advertising. Alphabet's first-quarter profit surged to $9.40 billion or $13.33 per share from $5.43 billion or $7.73 per share... Canadian restaurant chain Tim Hortons woes seem to be only mounting. However, most of the company's troubles seem to be self-inflicted amid a public feud with its aggrieved franchisees, alleged deterioration in food quality, and falling share prices. Tim Hortons was acquired by Brazilian private equity firm 3G Capital for $12.5 billion in 2014.
Follow RTT