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Burberry posts full year profit uplift

Burberry has reported an increase in full year profit as it announced plans to buy back a further £150 million in shares.

FASHION

Burberry posts full year profit uplift

Burberry has reported an increase in full year profit as it announced plans to buy back a further £150 million in shares.

In the year to 31 March, total revenue at constant exchange edged down 1% to £2.73 billion but like-for-like store sales increased by 3%.

Meanwhile, pre-tax profit rose to £413 million from £395 million in the previous year.

In November last year Burberry unveiled plans to drive its positioning further upmarket.

Commenting on the full year performance, Marco Gobbetti, Burberry chief executive, said: “In a year of transition, we are pleased with our performance as we began to execute our strategy. While the task of transforming Burberry is still before us, the first steps we implemented to re-energise our brand are showing promising early signs.”

During the full year Burberry launched a collaboration with Farfetch in a move which expanded its reach to over 150 countries. In addition, the company saw its new chief creative officer Riccardo Tisci join the company in March to replace Christopher Bailey.

Gobbetti added:“With Riccardo Tisci now on board and a strong leadership team in place, we are excited about the year ahead and remain fully focused on our strategy to deliver long-term sustainable value."

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