Burberry stitches up 23% profit rise
By Mark Potter |
May 27, 2010, Thursday
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Print Edition
Print Edition
LUXURY goods group Burberry beat forecasts with a 23 percent rise in annual profit, boosted by sales of coats and leather goods, and said it was stepping up its expansion despite a tough economic backdrop.
The 154-year-old British group said yesterday it would almost double capital spending to 130 million pounds (US$186 million) in its 2010-11 financial year, with a focus on emerging markets such as Brazil, Mexico and India, as well as e-commerce.
Profit before tax and one-off items was a record 215 million pounds in the year ended March 31, topping forecasts of 201 million pounds to 208 million pounds in a Reuters poll.
Sales rose 7 percent to 1.28 billion pounds, while gross profits climbed 760 basis points, ending the year with a net 262 million pounds.
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