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 The political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
New York police shooting: thousands turn out for the funeral of Rafael Ramos
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...