Burberry posts strong first half results with revenue up 14% underlying to £1.1bn
Burberry today posted strong growth in the first half, with adjusted profit up 6% underlying to £152m and double-digit underlying revenue growth in all regions, despite a more difficult external environment. These results have been driven by the focused execution of Burberry's strategies to drive brand momentum, product excellence and enhanced customer experiences, both on and offline.
Strong underlying financial performance
- Revenue £1,100m, up 14% underlying, up 7% at reported FX
- Adjusted PBT £152m, up 6% underlying
- After £31m adverse exchange rate impact, down 12% at reported FX
- Reported PBT £142m (2013: £159m)
- Net cash of £307m at September 2014 (2013: £208m)
- Interim dividend up 10% to 9.7p
Consistent execution of core strategies
- Relaunched heritage products
- Launched My Burberry, our iconic fragrance, providing a halo benefit to the brand
- Nine mainline stores opened, including six in airports
- Digital outperformed; mobile platform upgraded in Q3
Christopher Bailey, Chief Creative and Chief Executive Officer, commented:
"We're proud to report that Burberry delivered a strong first half, with sales increasing by 14% and profit up 6%, both underlying. This performance reflects the passion and commitment of our teams around the world and the great momentum of the brand.
Looking ahead, in a more difficult external environment, we continue to focus on the things that we can control. Through authentic products, great customer experiences and a culture of continuous improvement and innovation, we remain confident of Burberry's sustained outperformance."