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Revenue up 11% underlying at Burberry in FY15
May '15
UK based fashion and luxury brands retailer Burberry reported sales growth of 11 per cent underlying year over year to reach revenue of £2.5 billion for the fiscal ended March 31, 2015.

Retail sales in the fiscal under review was up 14 per cent underlying, while it posted comparable sales growth of 9 per cent, both over the last fiscal.

Retail significantly outperformed wholesale, where repositioning continued in the United States in particular.

“Mainline retail sales were driven by double-digit growth in outerwear, supported by core replenishment styles and tailoring,” Burberry said in a press release.

Scarves and shoes drove growth in men’s accessories, which comprise only about 20 per cent of total accessories retail revenue, another area of opportunity for Burberry.

Comparable sales were primarily driven by double-digit percentage growth in Americas and EMEIA and mid single-digit percentage growth in Asia Pacific, given the disruption in Hong Kong.

“Our focus on core heritage trench coats and cashmere scarves was the main driver of the growth, alongside the investment in digital, which continued to outperform across all regions,” it informed.

According to the fashion retailer, there was strong customer demand for heritage trench coats, cashmere scarves and ponchos.

Combined, mainline sales of outerwear and soft accessories grew by nearly 20 per cent in the fiscal and growth was helped by key brand and marketing activities.

Revenue in menswear, an under-represented category for Burberry, increased by 10 per cent underlying over the last fiscal.

Adjusted profit before tax for the reporting fiscal rose 7 per cent underlying over the previous fiscal ended March 31, 2014 to £456 million.

Reported profit before tax in fiscal 2014-15 amounted to £445 million as against £444 million from the prior fiscal.

The board of directors at Burberry recommended a full fiscal dividend 35.2 pence, which is also up 10 per cent from fiscal 2013-14.

During the fiscal, Burberry said it focused in flagship markets by opening stores in Los Angeles and Tokyo and held events in Shanghai and Los Angeles and celebrated its British heritage.

Burberry explained that continued investment in digital service, data analytics and owned and third party platforms led to digital again outperforming in all regions.

Fiscal-end net cash increased by £150 million to £552 million, while operating cash flow grew 6 per cent year-on-year to £568 million due to tight control of working capital.

CEO Christopher Bailey stated, “Against a challenging external backdrop, our global team has focused ever more intensely on extending our online and offline integration.”

“We will continue to manage our business dynamically, capitalising on the significant opportunities we have by channel, region and product to create long-term shareholder value,” Bailey too added.

For fiscal 2015-16, it now expects exchange rate benefit now reduced to about £10 million at current rates. (AR)

Fibre2fashion News Desk - India

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