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Burberry posts increase in full-year profits

Burberry has posted a rise in profits for the year to 31 March but has lowered its profit guidance for the 2016 financial year due to movement in exchange rates.

GENERAL MERCHANDISE

Burberry posts increase in full-year profits

Adjusted pre-tax profit rose by 7% on an underlying basis to £456 million. However, profits were down 1% after a £38 million adverse exchange rate impact was taken into account. Meanwhile, revenue climbed by 11% on an underlying basis to £2.5 billion.

The company said the main driver of growth was its British-made trench coats and cashmere scarves alongside its digital channels which continued to outperform across all of its regions.

Christopher Bailey, Burberry chief creative and chief executive officer, said: “We are pleased to report a strong full year performance, with revenue up 11% and adjusted profit up 7% underlying. Against a challenging external backdrop, our global team has focused ever more intensely on our core, including celebrating the British-made products that are our brand signature and extending our online and offline integration.”

While retail sales rose by 14%, like-for-like sales grew by 9% in the period.

The company said it now expects its reported retail and wholesale profit for the 2016 financial year to be around £40 million down on what was previously guided due to the movement in exchange rates.

Bailey added: “At this early stage of the year, we are seeing increased uncertainty in some markets. Against this background, we will continue to manage our business dynamically - capitalising on the significant opportunities we have by channel, region and product to create long-term shareholder value.”

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