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Burberry half year profit in line with forecasts

Burberry has reported first half results in line with expectations as the company works to reposition itself under a new designer.

FASHION

Burberry half year profit in line with forecasts

Burberry has reported first half results in line with expectations as the company works to reposition itself under a new designer.

In the six months to 29 September, reported operating profit was £173 million compared to £127 million in the same period in the previous year.

Retail comparable store sales climbed by 3% in the six-month period. This included a mid-single digit percentage rise in both Burberry’s Asia Pacific and Americas regions. Meanwhile, revenue in the EMEIA region was stable year-on-year.

The company said there had been an “exceptional” response to the debut collection by its new chief creative officer Riccardo Tisci who has also rebranded the business. Burberry said his vision for the company was “as much for the young as for the old” and that the collection had been the second-most viewed show this season on Vogue.com.

Marco Gobbetti, Burberry chief executive, said: “We are energised by the early results as we begin to transform and reposition Burberry.

“The initial response from influencers, press, buyers and customers to our new creative vision and Riccardo’s debut collection Kingdom has been exceptional.

“Mindful that we are only in the first phase of our multi-year plan, we continue to manage dynamically through the transition. We confirm our outlook for the full year.”

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