Burberry reports increase in profits and flat revenue
Burberry has reported that pre-tax profit rose by 9% to Â£154.7 million in the first half of its financial year.
Adjusted profit before tax was £152.9 million compared to £152.3 million a year ago.
However, sales were flat in the six months to 30 September at £1.1 billion.
The fashion brand said it had achieved the results in a “challenging” environment for luxury.
Christopher Bailey, chief creative and chief executive of Burberry, explained: "This robust performance reflects decisive action as the external environment became more challenging in key markets over the period. We enter the second half mindful of this backdrop, but confident in our strongest-ever festive plans and emphasis on productivity and efficiency.
“Beyond these immediate priorities, we remain focused on building Burberry for long-term, sustainable growth and value creation. In an evolving luxury environment, we see compelling opportunities by channel, region and product, underpinned by the strength and distinctiveness of our authentic British brand."
Burberry said its third quarter like-for-like sales were looking stronger than in the second quarter. It added: “Ahead of the key festive period, we continue to assume mid single-digit percentage growth in comparable sales in the second half, but the external environment remains challenging and uncertain.”
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