Burberry ready for new markets after revenues climb to £1.5bn
Burberry, the luxury retailer, has reported a 27% increase in revenue to £1.5bn in its annual financial results, as it looks to expand and renovate its retail stores globally.
Burberry: Emma Watson models for the fashion brand
The high-profile brand, best known for its beige, red and black chequered print, has recorded an adjusted pre-tax profit of £297.9m in the year to 31 March, a 39% increase from £214.8m for the same period last year.
Angela Arhrendts, chief executive, Burberry, said: "Burberry delivered strong operational and financial progress during the year, thanks to the consistent execution of our core strategies by our team and partners, more closely connecting our brand vision and values to consumers around the world.
"While mindful of global macro challenges in the current year, we will continue to invest to drive growth across our portfolio by channel, region and product."
Arhrendts said "about half" of the increased capital investment for the next financial year will be spent on renovating the brand's big flagship stores in key cities, while also creating new stores.
The company plans to increase its average retail selling space by 12% to 13%, with a bias towards China, Latin America and the Middle East.
On a statutory basis, pre-tax profits increased 39.8% to £295.7m.
This article was first published on marketingmagazine.co.uk
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