U.S. News

Burberry Second-Half Sales Jump 19%


British fashion house Burberry posted a 19% rise in second-half sales on Tuesday, bringing total sales for the year to 850 million pounds ($1.69 billion).

Burberry, famous for its camel, red and black check fabric design and $1,600 handbags, said global expansion and concentration on luxury goods had helped boost sales.

The firm said wholesale revenue, which accounted for 37% of total revenue, increased 17% in the second half on an underlying basis.

Licensing revenue increased 9% on a reported basis boosted by perfumes, sunglasses and watches but corseted by currency moves.

"The significant investment initiated during this financial year to enhance the luxury component of the brand, advance retail expansion and evolve our operating model is driving accelerated growth across all three channels," Chief Executive Angela Ahrendts said in a statement.

"This performance is consistent with our expectations for the full financial year," she added.

Shares in Burberry, which have risen around 28% in the last six months, hit a record high in November after the firm unveiled an aggressive store rollout plan in the United States and Europe and plans to bolster sales of 800 pound handbags.