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Burberry H1FY14 pretax profits hit from currency impact
Nov '14
Pretax profits in the first fiscal half year ending September 30, 2014 at luxury and fashion retailer, Burberry Group, grew 6 percent, from a year earlier period.

However considering fluctuations in currency exchange rates, they slipped 12 percent.

In the first half of fiscal 2014, adjusted profit before tax at Burberry grew to £152 million, up 6 percent.

Burberry said after considering £31 million in adverse exchange rate impact, pre-tax profits declined 12%.

Revenue in the reporting period rose to £1,100 million, up 7% from the first half of fiscal 2013.

Burberry had net cash of £307 million as of September, 30, 2014, a massive jump from £208 million as of September 30, 2013.

The luxury and fashion retailer also hiked interim dividend by 10 percent to 9.7 pence per share in the first half of fiscal 2014.

Burberry said despite a more difficult external environment, these results have been driven by focused execution of strategies, product excellence and enhanced customer experiences.

During the period under review, Burberry opened nine mainline stores, including six in airports and upgraded its mobile platform in the period.

Christopher Bailey, CEO at Burberry said, “Looking ahead, in a more difficult external environment, we continue to focus on the things that we can control.”

“Through authentic products, great customer experiences and a culture of continuous improvement and innovation, we remain confident of Burberry’s sustained outperformance."

Fibre2fashion News Desk - India

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