Burberry H1 revenues decline 3 percent

In its interim results statement, British luxury goods maker Burberry said on Thursday its H1 revenue for 2018 slid 3 percent at reported FX and 2 percent at CER. Revenues excluding beauty wholesale were up 3 percent reported and 4 percent CER. Retail comparable store sales were up 3 percent compared to 4 percent increase last year.

Commenting on the current trading and outlook, Marco Gobbetti, Chief Executive Officer, said in a statement: “The initial response from influencers, press, buyers and customers to our new creative vision and Riccardo’s debut collection Kingdom has been exceptional. Mindful that we are only in the first phase of our multi-year plan, we continue to manage dynamically through the transition. We confirm our outlook for the full year.”

The company’s sales in H1 2018 were 1,220 million pounds, down from 1,263 million pounds a year earlier. Operating profit declined to 178 million pounds. The company recorded adjusted diluted EPS of 32.9 pence compared to 32.3 pence and diluted EOS of 31.6 pence compared to 21.4 pence in the first half of last year.

Burberry Group Plc was founded in 1856 by Thomas Burberry and is based in London, United Kingdom. The iconic Burberry check was introduced as a lining to the trench coat in the 1920's and is now registered as a trademark. Christopher Bailey, once creative director of the brand, was one of the most influential to date.

Offering men's and women's clothing with outerwear at the core of its business, the London-listed company has about 10,000 employees worldwide and operates more than 400 stores.

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Picture:Facebook/Burberry