Due
to increased expenditure on new stores and digital platforms, the UK's
largest luxury goods company Burberry Group said the first half of this
fiscal year earnings are likely to decline. The
company said the London-based Burberry, the company continues to expect
operating margin of this year's major retail and wholesale business
will be a "moderate" increase investment in the first half of this year
to increase.
The retailer, famous for its red, black and camel-coloured check design, revealed a 24pc rise in sales to £ 1.9bn and a 24pc jump in pre-tax profits to £ 366m, in the year to March 31.
The results were in line with expectatons.
in line with: accordance with ...... consistent;
Angela Ahrendts, chief executive, hailed the period as "another successful year", adding: "An intense focus by our global teams on business, brand and culture in recent years has resulted in a strong foundation across channels, regions and products."
focus ...... on: ...... focus; focus on the
Burberry saw menswear as a particular highlight, with new initiatives such as tailoring increasing underlying growth in this area by 26pc. This represented 24pc of retail / wholesale revenue.
Sales of non-clothing items for men jumped by more than 50pc, with growth seen in "large leather goods, small leather goods and soft accessories".
Jaana Jätyri, chief executive of fashion trend forecaster Trendstop.com, said: "Another bumper set of results for Burberry, which has perfected democratic luxury brand positioning. While positioned above the struggling high street, it is more affordable and more accessible to aspirational buyers - democratic luxury is in high "demand".
the high street: Street; commercial street; main street
However, as budget-conscious shoppers keep a close eye on spending, Ms Ahrendts said she remained "vigilant" about the current retail environment.
keep a close eye on: closely followed; attentively watched; Note
Burberry revealed that its retail / wholesale operating margin will be lower in the six months to September than in the same period last year, but expects this to recover in the second half.
in the second half: in the second half; in The second half
The company opened 23 mainline stores and 25 concessions during the year, closing 10 and 16 respectively. It expects to open a net 15 stores in 2012/13.
Growth, in China, where the Burberry has 63 stores, was "well over 20pc". However, it took a £ 10.2m charge on a put option linked to the 2010 Chinese acquisitions.
charge on: collection; commission; extracted from the (gross) (amount)
Meanwhile, the £ 2.5m operating profit from the discontinued Spanish operations was offset by restructuring costs.
The shares fell 4.8pc to £ 13.20 in early trading, giving Burberry a value of £ 6bn - £ 500m more than Marks & Spencer.
The retailer, famous for its red, black and camel-coloured check design, revealed a 24pc rise in sales to £ 1.9bn and a 24pc jump in pre-tax profits to £ 366m, in the year to March 31.
The results were in line with expectatons.
in line with: accordance with ...... consistent;
Angela Ahrendts, chief executive, hailed the period as "another successful year", adding: "An intense focus by our global teams on business, brand and culture in recent years has resulted in a strong foundation across channels, regions and products."
focus ...... on: ...... focus; focus on the
Burberry saw menswear as a particular highlight, with new initiatives such as tailoring increasing underlying growth in this area by 26pc. This represented 24pc of retail / wholesale revenue.
Sales of non-clothing items for men jumped by more than 50pc, with growth seen in "large leather goods, small leather goods and soft accessories".
Jaana Jätyri, chief executive of fashion trend forecaster Trendstop.com, said: "Another bumper set of results for Burberry, which has perfected democratic luxury brand positioning. While positioned above the struggling high street, it is more affordable and more accessible to aspirational buyers - democratic luxury is in high "demand".
the high street: Street; commercial street; main street
However, as budget-conscious shoppers keep a close eye on spending, Ms Ahrendts said she remained "vigilant" about the current retail environment.
keep a close eye on: closely followed; attentively watched; Note
Burberry revealed that its retail / wholesale operating margin will be lower in the six months to September than in the same period last year, but expects this to recover in the second half.
in the second half: in the second half; in The second half
The company opened 23 mainline stores and 25 concessions during the year, closing 10 and 16 respectively. It expects to open a net 15 stores in 2012/13.
Growth, in China, where the Burberry has 63 stores, was "well over 20pc". However, it took a £ 10.2m charge on a put option linked to the 2010 Chinese acquisitions.
charge on: collection; commission; extracted from the (gross) (amount)
Meanwhile, the £ 2.5m operating profit from the discontinued Spanish operations was offset by restructuring costs.
The shares fell 4.8pc to £ 13.20 in early trading, giving Burberry a value of £ 6bn - £ 500m more than Marks & Spencer.
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