Burberry Profit Rises 14% Helped by China Demand
British luxury group Burberry posted a 14 percent rise in full-year pretax profit and said profit for the first half of its new fiscal year would be below last year's as it reduces its wholesale business in favor of retail markets.
Burberry, known for its raincoats lined with the company's distinctive camel, red and black check pattern, on Tuesday said adjusted pretax profit was 428 million pounds ($651 million)in the year to March 31, up from 376 million pounds in the previous year and ahead of analysts' expectations of 415 million pounds.
Revenue in Asia Pacific, its largest region with around 35 percent of sales, rose 13 percent, led by demand for its more expensive products in China and Hong Kong.
Revenue in Europe and the Americas both rose by 6 percent respectively. First half profit for the six months to September end in 2012 was 173 million pounds.
Shares in the FTSE 100 listed firm closed at 1463 pence on Tuesday, up 17 percent on six months ago, valuing the business at around 6.4 billion pounds ($1 = 0.6570 British pounds).