Burberry reports drop in first half profit
Burberry has reported that its adjusted profit before tax fell by 24% on an underlying basis to £146 million in the first half of its financial year.
In the six months to 30 September, reported pre-tax profit was £102 million compared to £155 million in the same period in the previous year.
First half revenue declined by 4% to £1.159 billion as growth, led by the UK, was offset by a decline in wholesale and licensing.
The company said it had made good progress with its focus on product in the period and that “innovation and newness” had resonated with its customers.
It also saw an increase in digital sales in all of its regions following the launch of redesigned website and strong growth from digital third-parties.
Christopher Bailey, Burberry chief creative and chief executive officer, said: "In May we outlined plans to evolve how we work as a business and to drive Burberry's future growth in a rapidly-changing luxury environment. Since then, we have made good early progress towards realising the significant opportunities ahead of us, as we begin implementing our five strategies. We remain on track to deliver our financial goals."
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