Burberry Group plc reports on trading for the six months ended 31 March 2007.
Second Half Financial Highlights: • Total revenue increased 20% on an underlying (1) basis, 19% reported (2) • Retail sales increased 24% underlying, driven by new and existing stores - In the fourth quarter, retail sales increased 24% underlying • Wholesale revenue increased 17% underlying • Licensing revenue increased 15% underlying • 2007/08 outlook - 13% approximate average retail space expansion - Mid-teens first half underlying wholesale revenue growth - Broadly flat underlying licensing revenue relative to 2006/07
Commenting on the trading results, Angela Ahrendts, Chief Executive Officer, stated, “Burberry achieved outstanding 20% underlying revenue growth in the second half. The significant investment initiated during this financial year to enhance the luxury component of the brand, advance retail expansion and evolve our operating model is driving accelerated growth across all three channels: retail, wholesale and licensing. This performance is consistent with our expectations for the full financial year.”
Total revenue: Total revenue in the second half ended 31 March 2007 increased 20% on an underlying basis (i.e. adjusted for (i) the portion of Burberry's business in Spain affected by the retail conversion and (ii) exchange rate differences). The Spain retail conversion shifts sales from Burberry's wholesale channel to its retail channel.
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