Burberry announces revenue of £1.4bn, up 9% underlying, with double-digit growth in Americas and EMEIA and strong demand for core heritage trench coats and scarves.
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Christopher Bailey, chief creative and executive officer, commented: "We are pleased to report a robust second half performance, despite an uncertain external environment.
"Total revenue grew by 9% underlying and 13% in retail, as customers responded strongly to product innovation, especially in our core British-made heritage trench coats and scarves, while we continued to invest in digital and retail initiatives, including flagship openings in Los Angeles and Japan.
Retail sales in the second half grew by 13% underlying, up 14% at reported FX. Of the 13% underlying increase, comparable sales growth was 9% (Q3: 8%; Q4: 9%), with the balance from new space.
By region in the second half, there was double-digit percentage comparable sales growth in both the Americas and EMEIA, with strong performance in the UK, France and Italy from both domestic and travelling luxury customers. Asia Pacific delivered low single-digit percentage comparable sales growth.
Within this, China and Korea grew by a mid single-digit percentage, while Hong Kong, a high margin market, decelerated further during the period, resulting in a mid single-digit percentage decline in comparable sales in the half. Digital again outperformed in all regions.
otal wholesale revenue in the second half was unchanged year-on-year on an underlying basis, down 1% at reported FX.
Excluding Beauty, wholesale revenue at £231m decreased by 3% underlying, in line with guidance. As expected, cautious ordering from wholesale customers selling to the European consumer and in Asian travel retail markets led to a low to mid single-digit percentage decline in EMEIA and Asia Pacific.
Revenue in the Americas was broadly unchanged as we further elevated and repositioned our wholesale presence in that market.
Beauty wholesale revenue in the second half was up 8% underlying, giving £100m for the second half and £175m for the year. This represents 25% underlying growth for FY 2015, in line with guidance. ■