Burberry Group plc, the global luxury company announces its unaudited results for the six months ended 30 September 2007.
Angela Ahrendts, Chief Executive Officer, commented: “We are pleased with the progress Burberry has made in the first half of the year. We delivered underlying revenue and profit growth of 19%, underpinned by the success of our luxury, retail and non-apparel strategies.
This performance is consistent with our full year expectations. The diversity and balance that Burberry has across its products, channels and regions give us many opportunities for future growth.”
Operational highlights: • Retail revenue up 25% underlying; comparable store sales growth of 11%; opened 11 new stores • Wholesale revenue up 16% underlying; US up over 40% underlying • Accessories now 31% of sales (excluding licensing), led by luxury handbags • Atlas implementation in final stages • Increased investment in infrastructure to support strong growth
Financial highlights: • Total revenue up 19% underlying (15% reported) • Adjusted operating profit up 19% underlying (13% reported) • Retail/wholesale operating margin up to 15.2% (2006:14.0%), as gross margin increases by 300 basis points • Adjusted diluted eps up 18% as share buyback continues • Profit before tax up 31%, including £15.1m net profit relating to the planned relocation of global headquarters • Interim dividend increased by 17% to 3.35p
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