Burberry boosts expansion plans
Thursday 24 May 2012
Burberry is ramping up its expansion plans after earmarking £200m for new stores this year as global demand for its luxury goods defies the downturn in the UK. The luxury brand, which will open in London, Brazil and Shanghai, unveiled a 26 per cent rise in pre-tax profits to £376m for the year to March, on sales up 24 per cent to £1.86bn.
However, no opening date has yet been set for its flagship Burberry World Live store in London, which could miss the Olympic Games.
The expansion is expected to hit operating profit margins, prompting analysts yesterday to cut their forecasts for the current year.
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