Strong financial results
Revenue up 8% to £2bn
Adjusted profit before tax up 14% to £428m
Reported profit before tax down 4% to £351m, after fragrance licence relationship termination costs
Full year dividend up 16% to 29.0p
Operating cashflow up 8% to £523m; funding a near doubling of investment spend at £320m
Retail/wholesale revenue up 8%; adjusted operating profit up 17%
Retail revenue up 12%; wholesale down 1% as guided
Retail 75% of group revenue in H2
23 mainline stores opened, including in flagship markets such as London, Chicago and Hong Kong
Digital impact increased both online and offline
Consistent execution of five key strategies
Digital engagement at record levels
Mens accessories grew by over 30%
Store opening strategy unchanged in FY 2014
- About 25 openings planned
- Capital expenditure planned at around £200m
China revenue grew about 20%; 11 new stores in FY 2013
Inventory excluding Beauty up only 7% at constant FX
Direct operation of Beauty, the fifth product division, from 1 April 2013
Team established combining internal expertise and external hires
Supply chain and IT capabilities built and operational
Growth initiatives underway for pillar fragrances, Body and Brit
Angela Ahrendts, Chief Executive Officer, commented:
"Finishing the year with a strong retail performance both online and offline, Burberry achieved record revenue and profit in 2012/13.
Looking ahead, although the macro environment remains uncertain, Burberry is well positioned with opportunity by channel, region and product. With the integration of Beauty in April, we have added another exciting growth platform. Our brand momentum, proven strategies and closely connected global team provide confidence in Burberry's future performance."
