Our intense focus on core heritage British-made trench coats and cashmere scarves was a principal driver of the year's growth, alongside the investment in digital, which continued to outperform across all regions
Strong underlying financial performance
- Revenue £2.5bn, up 11% underlying, up 8% at reported FX
- Adjusted profit before tax £456m, up 7% underlying
- After £38m adverse exchange rate impact, down 1% at reported FX
- Reported profit before tax £445m (2014: £444m)
- Net cash up £150m
- Full year dividend 35.2p, up 10%
Ongoing investment drove continued brand and business momentum
- Retail sales up 14% underlying
- Comparable sales growth of 9%
- Double-digit % growth in Americas and EMEIA
- Mid single-digit % growth in Asia Pacific, given disruption in Hong Kong
- Global team's focus on heritage trench coats and scarves drove growth
- Investment focused in flagship markets including
- Store openings in Los Angeles and Tokyo
- Events in Shanghai and Los Angeles, celebrating our British heritage
- Continued investment in digital service, data analytics and owned and third party platforms led to digital again outperforming in all regions
Expected exchange rate benefit in FY 2016 now reduced to about £10m at current rates
Christopher Bailey, Chief Creative and Chief Executive Officer, commented:
"We are pleased to report a strong full year performance, with revenue up 11% and adjusted profit up 7% underlying. Against a challenging external backdrop, our global team has focused ever more intensely on our core, including celebrating the British-made products that are our brand signature and extending our online and offline integration.
At this early stage of the year, we are seeing increased uncertainty in some markets. Against this background, we will continue to manage our business dynamically - capitalising on the significant opportunities we have by channel, region and product to create long-term shareholder value."
