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Profits rise at 'repositioned' Burberry

Burberry spring summer 2019 show 001

Revenue at Burberry dipped slightly but profits rose in the 26 weeks to 29 September, as the business’s “repositioning” takes hold. 

Revenue dipped by 3% to £1.22bn compared with the same period in 2016/17, but pre-tax profits rose by 36% to £174m.

Operating profit was also up 36% on 2017 to £173m. 

The British heritage brand said it had seen an “exceptional response” to the debut collection of Italian designer Riccardo Tisci, which was unveiled at London Fashion Week in September this year. Tisci, who joined Burberry after spending 12 years at Givenchy, won praise for the collection, which focused on Burberry’s different customers and included tailoring, trench coats and delicate dresses. 

Burberry added that it had experienced a ‘strong whole reaction’ to the new collection and had also increased its engagement on social media platforms Instagram and China’s WeChat. 

The luxury brand has also created customer excitement through its B Series collection, a range of limited edition products sold through social media which has sold particularly strongly in China. 

The business has closed a net 19 directly operated stores in the last 12 months.

The business said it is maintaining its full year guidance of “broadly stable revenue” and delivery of £100m cumulative cost savings.

Chief executive Marco Gobbetti said: “We are energised by the early results as we begin to transform and reposition Burberry. The initial response from influencers, press, buyers and customers to our new creative vision and Riccardo’s debut collection, Kingdom, has been exceptional.

“Mindful that we are only in the first phase of our multi-year plan, we continue to manage dynamically through the transition. We confirm our outlook for the full year.”

 

 

 

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