Profits up by 50% at Burberry
18/11/2010
Sales in emerging markets rose by 46% in the six months to the end of September. The rise in China, where Burberry recently bought out franchise holders to run its outlets there as own-brand stores, was 25% compared to the first half of the previous fiscal year.
On announcing the figures, chief executive, Angela Ahrendts, said that the predominance of men in the Chinese business environment and the culture there of giving frequent gifts were among the elements that are helping Burberry’s strategy. The company plans to open five new stores in China in the second half of the financial year.
Non-apparel, including leathergoods, was the fastest growing product category with a 26% increase.
In the six months to the end of September, pre-tax profit rose from £78 million to £118 million. Revenues increased by 18% to £673m.
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