Solid financial performance
- Total revenue £1,031m (2012: £883m); up 17%
- Adjusted PBT £174m (2012: £173m); above original guidance
- Reported PBT £159m (2012: £112m)
- Net cash of £208m (2012: £237m)
- Interim dividend up 10% to 8.8p
Consistent execution of key strategies
- Digital innovation and collaboration with technology leaders
- Opened 14 mainline stores, mostly in high potential markets
- Benefited from investment made to keep pace with changing consumer behaviour
o Online outperformed in all regions
o Offline, flagship markets performed well driven by travelling luxury customer
- Successful Brit Rhythm for Men fragrance launch
o Reaffirms confidence in long-term opportunities in Beauty
o Complex transition and increased marketing impact first year Beauty profit
o Offset by halo effect and efficiencies across all product divisions
Management changes
- Evolution of organisational structure under Christopher Bailey's leadership
Angela Ahrendts, Chief Executive Officer, commented:
"We are proud to announce a first half performance that saw Burberry's revenue exceed £1bn for the first time, reflecting the continuing strength of our global brand momentum.
We remain focused on executing our retail, digital and marketing strategies in the all-important third quarter and in what remains an uncertain macro environment. The senior team continues to balance brand appropriate revenue growth, selective investment and infrastructure efficiencies to drive sustainable profit growth across the portfolio, especially with the significant long-term potential of our fifth product division, Beauty."
