Burberry results

Burberry Press Release:

Burberry Group plc, the global luxury company, today announces its unaudited results for the six months ended 30 September 2007.

Angela Ahrendts, Chief Executive Officer, commented:

“We are pleased with the progress Burberry has made in the first half of the year. We delivered underlying revenue and profit growth of 19%, underpinned by the success of our luxury, retail and non-apparel strategies. This performance is consistent with our full year expectations. The diversity and balance that Burberry has across its products, channels and regions give us many opportunities for future growth.”


Six months to 30 September

% change


£ million
2007
2006

reported
underlying#

Revenue
449.1
392.0

15
19








Operating profit
97.3
74.6

30
38

Adjusted operating profit *
95.1
84.2

13
19

Profit before taxation
95.8
73.4

31










Diluted eps (pence)
14.9
11.1

34


Adjusted diluted eps (pence)*
14.8
12.5

18









Dividend per share (pence)
3.35
2.875

17



* “Adjusted” refers to profitability measures calculated before:
1. Atlas costs of £12.9m (2006: £9.6m) which relate to the Group’s infrastructure redesign initiative announced in May 2005.
2. Net profit of £15.1m (2006: nil) relating to the relocation of global headquarters.

# Underlying change is calculated at constant exchange rates.

Certain financial data within this announcement have been rounded.

Operational highlights

Retail revenue up 25% underlying; comparable store sales growth of 11%; opened 11 new stores
Wholesale revenue up 16% underlying; US up over 40% underlying
Accessories now 31% of sales (excluding licensing), led by luxury handbags
Atlas implementation in final stages
Increased investment in infrastructure to support strong growth
Financial highlights

Total revenue up 19% underlying (15% reported)
Adjusted operating profit up 19% underlying (13% reported)
Retail/wholesale operating margin up to 15.2% (2006: 14.0%), as gross margin increases by 300 basis points
Adjusted diluted eps up 18% as share buyback continues
Profit before tax up 31%, including £15.1m net profit relating to the planned relocation of global headquarters
Interim dividend increased by 17% to 3.35p
Enquiries

Burberry
020 7968 5919

Stacey Cartwright
Chief Financial Officer


Fay Dodds
Director of Investor Relations



Brunswick
020 7404 5959

David Yelland



Laura Cummings



Robert Gardener

Source: Burberry