Burberry Group HY Pre-tax Profit Rises

Burberry Group Plc (BRBY.L), a British luxury fashion company, reported that its profit before taxation for 26-week period ended 1 October 2022 rose to 251 million pounds from 191 million pounds in 26-week period ended 25 September 2021.

Profit attributable to owners of the company for the period was 193 million pounds or 48.9 pence per share up from 145 million pounds or 35.7 pence per share in the previous year.

Adjusted earnings per share were 44.3 pence compared to 33.5 pence in the prior year.

Revenues for the period grew to 1.35 billion pounds from 1.21 billion pounds in the prior year.

Wholesale is expected to be broadly stable in fiscal year 2023.

The company maintained its near-term guidance to fiscal year 2024 while mindful of the challenging macro environment and its potential impact on trading, particularly Covid-19 related disruption in Mainland China and recessionary risks in Europe and the Americas.

The company established a new medium-term target to grow sales to 4 billion pounds at CER, sustaining high-single digit growth with operating leverage ensuring good margin progression.

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