Burberry returns to profit as sales soar, from £85 socks to £9,000 bags
Summary
Burberry reported a £19 million pre-tax profit for the six months to 26 September, compared with a £48 million loss a year earlier, as sales rose 6% to £1.1 billion. The company said its focus on core products and a range of prices helped lift sales, especially in China and the Americas, despite a difficult luxury market.Key Facts
- Burberry’s sales rose 6% in the six-month period.
- Pre-tax profit was £19 million, compared with a £48 million loss a year earlier.
- Sales reached £1.1 billion.
- Sales rose 15% in China and 14% in the Americas, while they fell 1% in Europe and the Middle East.
- The company said coats, jackets, handbags and locally tailored marketing helped sales.
- Burberry’s listed products include scarves starting at £195 and cotton-cashmere socks priced at £85; some leather bags and coats cost more than £9,000.
- Chief executive Joshua Schulman said local shoppers were spending in their home regions even as global tourism declined.
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