Burberry sees record results as Bailey takes over
Wednesday 21 May 2014
Burberry's new chief executive, Christopher Bailey, welcomed record-beating full-year results today with headline profits up 8 per cent and sales reaching £2.33 billion.
Pre-tax profit of £461 million beat City forecasts and sales jumped 17 per cent for the year to April.
The company refused to comment on the £7 million-plus pay and perks package Bailey was granted to take over from Angela Ahrendts who left for Apple last month.
But Mr Bailey said he had a “fierce determination” to continue to promote the brand’s “true and clear” identity. Mr Bailey said he would focus on growing the digital, Japanese and beauty businesses.
Burberry will take control of its Japanese business next year — after its licensing agreement ends — and begin to expand its collections in new shops, departments stores and online.
Mr Bailey said the digital strategy includes working with Google, Apple and Amazon and it will create a Burberry shop on website Tmall — operated by Chinese e-commerce giant Alibaba.
Burberry hopes to control counterfeit and grey market sales of its brands online, and Mr Bailey said digital was designed to “protect and enhance” its “luxury positioning”.
The group warned currency fluctuations could be an issue in the coming year but it committed itself to a 50 per cent dividend payout ratio in future with the full year dividend up 10 per cent to 32p.
Burberry also welcomed easyJet chief executive Carolyn McCall as a non-executive director.
- 1 Secret Cinema: Why were Back to the Future screenings cancelled?
- 2 Christians: The world's most persecuted people
- 3 Israel-Gaza conflict: The secret report that helps Israelis to hide facts
- 4 Thatcher ‘was warned of Tory child sex party claims’
- 5 The Simpsons Family Guy trailer: First look at crossover episode after Comic-Con debut
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Thatcher ‘was warned of Tory child sex party claims’
Lauren Goodger sex tape: Reality star calls for tougher laws on revenge porn after intimate video leaks online
Israel-Gaza conflict: President Obama presses Netanyahu to call ‘immediate and unconditional’ Gaza ceasefire
Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£30000 - £45000 per annum: Harrington Starr: A Global Financial Service Organi...
£30000 - £40000 per annum + Bonus+Benefits+Package: Harrington Starr: C# Web d...