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Burberry profit hit by currency impact

Luxury brand Burberry saw its first half pre-tax profit fall from £159 million to £142 million after suffering a £31 million “adverse exchange-rate impact.”

GENERAL MERCHANDISE

Burberry profit hit by currency impact

In the six months ending 30 September, revenues rose by 14% on an underlying basis to £1.1 billion. The company said it had seen double-digit underlying revenue growth in all regions and in its three main product divisions, despite a more difficult external environment.

During the period, the company launched its Mr Burberry fragrance and opened nine mainline stores including six in airports.

Commenting on the results, Burberry chief creative and chief executive Christopher Bailey said: “This performance reflects the passion and commitment of our teams around the world and the great momentum of the brand.

“Looking ahead, in a more difficult external environment, we continue to focus on the things that we can control.  Through authentic products, great customer experiences and a culture of continuous improvement and innovation, we remain confident of Burberry's sustained outperformance."

 

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