Burberry Group Plc. (BRBY.L),a British luxury fashion house, announced the preliminary results for the year ended 31 March 2013. Profit attributable to owners of the company decreased to 254.3 million pounds from 263.3 million pounds in the previous year. Earnings per share declined 4% to 57.0 pence from the prior year's 59.3 pence.
Reported profit before tax down 4% to 351 million pounds from last year's 366 million pounds, including 83 million pounds of exceptional costs relating to termination of fragrance and beauty licence relationship.
Adjusted profit before tax increased 14% to 428 million pounds from the previous year's 376 million pounds.
Adjusted earnings per share were 70.0 pence up 14% from 61.6 pence last year.
Total revenue from Continuing operations rose 8% to 1.999 billion pounds from last year's 1.857 billion pounds.
A final dividend in respect of the year to 31 March 2013 of 21.00 pence per share, compared to 18.00 pence per share last year has been proposed for approval by the shareholders at the Annual General Meeting subsequent to the balance sheet date. The final dividend to Burberry Group plc shareholders has not been recognised as a liability at the year end and will be paid on 1 August 2013 to shareholders on the register at the close of business on 5 July 2013.
Angela Ahrendts, Chief Executive Officer, said, "Looking ahead, although the macro environment remains uncertain, Burberry is well positioned with opportunity by channel, region and product. With the integration of Beauty in April, we have added another exciting growth platform. Our brand momentum, proven strategies and closely connected global team provide confidence in Burberry's future performance."
The company said that all metrics and commentary in the Group Financial Highlights and Business and Financial Review excluded the results of the discontinued business in Spain and exceptional items unless stated otherwise.
For fiscal 2014, Burberry's store opening strategy is unchanged. In Retail, Burberry plans to open about 25 mainline stores and close about 15, while opening about 10 concessions and closing about the same number in the year to 31 March 2014. Openings are biased towards the evolution of the portfolio in China and further expansion in Latin America. Following two years of above average space growth, net new openings are planned to contribute low to mid single-digit percentage growth to retail revenue in fiscal 2014.
In Wholesale, Excluding Beauty, Burberry expects underlying wholesale revenue to decrease by about 10% in the six months to 30 September 2013, compared to 253 million in 2012.
Retail/wholesale profit: For fiscal 2014, the company's aim is to modestly increase on the operating margin achieved in fiscal 2013, which was 17.1% without the 12 million pounds benefit of a lower performance-related pay charge. Reflecting the evolution and phasing of the business, adjusted PBT for the six months to 30 September 2013 is currently expected to be below the level of the prior year's 173 million pounds.
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