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Burberry reports surge in revenue

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Burberry

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British luxury goods company Burberry has unveiled its results for the first six months of the year ended September 30, 2016. In the period under review, the fashion retailer noted a 5 per cent increase in its revenue to £ 1.16 billion from £ 1.11 billion in the corresponding period last year. However, the brand’s underlying revenue dropped by 4 per cent.

In the first six months of the year, Burberry’s retail revenue of £ 859 million zoomed 11 per cent on a reported basis and 2 per cent on an underlying basis. The company’s comparable sales progress remained unchanged year-on-year, with a 2 per cent increase in the second quarter. The retailer’s wholesale revenue declined 6 per cent on a reported basis and 14 per cent on underlying basis to £ 287 million. Its licensing revenue also dropped 51 per cent on a reported basis.

Also Read Levi Strauss posts 4% surge in Q3 net revenues

Commenting on the results, Christopher Bailey, Chief Creative and Chief Executive Officer of the company said, “In a challenging external environment, we continue to focus on product innovation, retail productivity and digital leadership, against a backdrop of sustained action and investment to deliver long-term outperformance of our brand and business. We remain on track to deliver our financial goals.”

 

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