Burberry revenue returns to pre-pandemic levels
Burberry has confirmed that revenue in its first half has returned to pre-pandemic levels.
In its interim results statement, the luxury brand said the growth was driven by strong trading in mainland China, South Korea and the US where there was double digit growth.
In the six months to 25 September, revenue increased by 38% to £1.21 billion or by 45% at constant exchange rates. Meanwhile, adjusted operating profit reached £196 million, which was nearly four times more than the same period a year ago.
Categories performing particularly well included leather and outerwear.
The company said its new store concept, which has now been applied to 15 shops, helped it to recruit more high spending customers in the period. Burberry is now planning to have around 50 new concept stores by the end of the financial year.
Gerry Murphy, Burberry chair, said: “We have made strong progress in the half. Full-price sales are growing at a double-digit percentage, driving margin expansion and strong free cash generation. We are seeing an acceleration in performance in countries less impacted by travel restrictions and we remain confident of achieving our medium-term goals.”
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