Burberry lifted by menswear demand
A greater focus on the menswear market boosted Burberry today as the luxury goods group reported a 24% jump in annual profits.
Tailoring and enhanced ranges drove a 26% rise in menswear sales, while non-clothing such as bags, small leather goods and accessories lifted 50%.
Burberry's total revenues were up 24% to £1.9 billion in the year to March 31 and pre-tax profits lifted to £366 million as key Asian markets showed more strong growth and flagship stores in London and Paris performed well.
It is planning 15 new outlets in the current financial year, with the focus on larger format stores such as its relocated site in London's Regent Street.
There are 63 stores in mainland China, accounting for 12% of revenues, and Burberry said it would continue to invest in the under-penetrated market.
As well as doubling its number of Facebook fans to 12 million at the year end, Burberry has extended its presence on Chinese social media platforms and launched other initiatives such as Tweetwalk during London Fashion Week.
Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers, described the annual results performance as robust.
He added: "A 24% rise in pre-tax profits defies some of the economic gloom, whilst the company's exposure to some strong local markets continues to propel prospects."
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