polo coats half profits in tough markets
Burberry (LON:BRBY) shrugged off tough trading in its key Chinese and Asian markets to post higher half year profits,
although revenue was flat.
The upmarket fashion retailer said adjusted retail and wholesale profit in the six months to September 30 rose 5% on an underlying basis and 4% on a reported foreign exchange basis.
Chief executive Christopher Bailey said: “This robust performance reflects decisive action as the external environment became more challenging in key markets over the period.
“We enter the second half mindful of this backdrop,
but confident in our strongest ever festive plans and emphasis on productivity and efficiency.”
Burberry said it was combining its three labels to reduce complexity and increasing its capacity to make trench coats in Yorkshire.
It also said it was making good progress in transforming its Japanese operations and expanding its global distribution of beauty products in store and online with key partners.