Burberry half year revenue soars to £1.3bn
Overseas growth, including a huge new flagship store in Shanghai, helped boost sales figures at fashion house Burberry over the last six months
Revenue was up 19% to £1.3 billion in the second half of its financial year as the company, famous for its trench coats and distinctive check patterns, continued to plough cash into investment and expansion.
Retail revenue, stripping out Burberry's wholesale operations, was up 13% to £928 million, while its digital arm continued to perform well.
Chief executive Angela Ahrendts said today: "We are pleased with our second half performance, with total revenue up 19% and retail sales up 13%, underpinned by the planned increase in investment in offline and online retail, innovative customer service and marketing.
"With the management transition well underway, Burberry begins a new year with Beauty firmly established as the fifth product division and investment in flagship markets, such as Shanghai, increasing the appeal to the core luxury customer at home and when travelling.
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Burberry said it planned to open 20 to 25 stores and close 15 to 20 as it concentrated on so-called 'flagship' markets and its travel sales, building up in China and the Middle East where demand for its luxury goods is particularly strong.
While its wholesale figures are expected to be flat over the next six months, Burberry is predicting a 25% hike for its Beauty makeup and fragrance lines.