Burberry break the billion barrier

United Kingdom
Published:  14 November, 2013

British luxury brand Burberry met forecasts for flat profit in a first half period that reported revenue above £1 billion ($1.60 billion) for the first time.

The 157-year-old group, best known for its camel, red and black check pattern, said on Thursday it made a profit before tax and one-off items of £174 million ($278 million) in the six months to September 30.

Last month Burberry forecast a first-half profit around the level of the prior year's £173 million ($277 milion).

Total revenue rose 17% to £1.03 billion ($1.65 billion), driven by a 17% increase in retail revenue to £694 million ($1.1 billion).

The update was the first from the group since it said in October that Chief Executive, Angela Ahrendts would step down by mid-2014 to take up a new position with Apple and be succeeded by Christopher Bailey who will also retain his chief creative officer role.

Source: Reuters

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