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Burberry beats forecasts with 2% rise in full-year profit

  • The brand, which chief executive Marco Gobbetti is repositioning in a higher luxury segment, reported group revenue of 2.73 billion pounds ($3.7 billion).
  • Comparable same store sales rose 3 percent, in line with market forecasts.

British luxury group Burberry beat market forecasts with a 2 percent rise in full-year adjusted profit to 467 million pounds, as it embarks on a new chapter under designer Riccardo Tisci,
the former Givenchy star appointed in March.

The brand, which chief executive Marco Gobbetti is repositioning in a higher luxury segment, reported group revenue of 2.73 billion pounds ($3.7 billion), down 1 percent. Comparable same store sales rose 3 percent, in line with market forecasts.

Analysts were expecting the company to report adjusted operating profit of 453 million pounds, according to a company-provided consensus of 19 analyst forecasts.