Highlights for the six months to 31 March 2013
Total revenue £1,116m, up 9% underlying
Retail revenue £840m, up 13% underlying
- Retail now 75% of group revenue
- Comparable store sales up 7%
- Led by Asia Pacific, especially Greater China
- Double-digit growth in all four product divisions
- Outerwear, mens and digital outperformed
- FY 2014: low to mid single-digit % increase in retail revenue planned from net new openings
Wholesale revenue £220m, down 3% underlying, as guided
- Wholesale now only 20% of group revenue
- North America, Asia Travel Retail and Emerging Markets all up
- European specialty store rationalisation continued
- H1 2013/4: excluding Beauty, underlying wholesale revenue planned down about 10%
Licensing revenue £56m, up 3% underlying, consistent with guidance
- Helped by launch of The Britain watch and Body Tender fragrance
- FY 2014: excluding fragrance royalties, underlying licensing revenue expected to be slightly up
Further strategic and operational progress
- Ten stores opened including Chicago flagship and Knightsbridge mens store
- Strong brand momentum; Prorsum, London and leather bags outperformed
- Personalised product and marketing initiatives for Prorsum AW13 show
- 1 April 2013: integration of Beauty
Angela Ahrendts, Chief Executive Officer, commented:
"With three-quarters of our revenue now generated in retail, we are pleased with the 13% growth in this channel in the second half, driven by continued innovation in product, marketing and customer service, especially over Christmas and Chinese New Year.
Looking forward, while we expect the external global environment to remain challenging, the team is intensely focused on optimising the significant opportunities that exist for the brand across geographies and product divisions, with particular emphasis on unlocking the potential of our digital platform and our newly-integrated fragrance and beauty business."
