Burberry profits up as sales rise
- 15 November 2011
- From the section Business
Upmarket fashion label Burberry has reported a rise in half-year profits to £158.7m, driven by improved sales.
The profits for the half year to September 30 are 23% up on 2010, as the group reported a 16% rise in same-store retail sales.
The firm said it remained committed to a 15% increase in retail space - mostly in new markets such as China.
About 19% of Burberry's retail and wholesale revenue now comes from emerging markets.
Much of the firm's growth has come from emerging economies, which accounted for just 6% sales in 2008 and 13% in the first half of 2010.
The firm expects to open between eight and 10 new stores in China, Latin America and Paris as part of its expansion.
However, the group said it was ready to cut back its expansion plans if the economic situation worsened further.
"We remain mindful of, and prepared to react to, any local or global uncertainties as we drive for long-term sustainable growth," said chief executive Angela Ahrendts.