Burberry upbeat on China prospects as it reveals strong menswear sales
Burberry today struck an upbeat note on its prospects in China, as an emerging army of luxury shoppers in the Asian country helped to drive a sharp uplift in annual profits.
The luxury brand also revealed strong menswear sales last year, and said it will showcase its latest lines for men at a fashion event in London in June, following more than a decade in Milan.
Burberry plans to open three flagship stores in Shanghai this financial year but its chief executive also stressed the growing importance to its business globally of travelling Chinese shoppers.
The brand issued a profits warning last year, partly due to slower sales in China which had been growing at a breakneck pace of 30 per cent in 2011. Boosted by 11 new stores, Burberry still grew revenues in China by 20 per cent last year which the group's chief executive Angela Ahrendts hailed as an "outperformance" compared with rivals in China.
She said: "This is the new norm there. There has been a lot of government and policy changes, and we are thrilled to be up by 20 per cent and to continue to invest [in China]."
Ahrendts added: "There are 100 million consumers who will travel outside of mainland China over the next couple of years".
Burberry grew underlying profits by 14 per cent to £428 million in the year to March 31. This was driven by its Asia-Pacific engine, which lifted revenues by 13 per cent to £745.3 million over the year, although it also enjoyed robust growth in the US, France, Germany and India.
Revenue jumped by 8 per cent to £2 billion, and the group grew its full-year dividend by 16 per cent to 29p. Last year, Burberry took its perfume operation in-house by ending its contract with partner, Interparfums, the French company also responsible for fragrances belonging to Jimmy Choo and Montblanc.
New UK station Russia Today gives a very bizarre view of Britain
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
New essay by JK Rowling went live on Pottermore site this morning
Top Gear presenter is no stranger to foot-in-mouth controversy
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
- 5 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...