Burberry’s revenue rebounds from pandemic -Breaking
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© Reuters. FILEPHOTO: An image of a Burberry logo outside a store in New York on 5th Ave, New York, NY, U.S.A, March 19, 2019 REUTERS/Carlo AllegriLONDON, (Reuters) – British luxury brand Burberry reported its first-half revenue returning to pre-pandemic levels. The growth was driven by the United States, South Korea, and China.
It recently appointed Versace’s boss Jonathan Akeroyd as its chief executive. The company reported revenue in excess of 1.21 billion pounds (or $1.64 billion) during the period Sept. 25 to September 25, up by 45% using constant exchange rates.
An adjusted operating profit of 196 million Pounds was achieved, almost four times more than the year before and exceeding all expectations.
Gerry Murphy, Chairman of the Brand’s Full-Price Sales Department stated that sales had increased by a double-digit percent.
On Thursday, he stated: “We see an acceleration of performance in countries less affected by travel restrictions. We remain confident in achieving our medium term goals.”
This company is well-known for its black and red checks, camels and the new “TB” monogram. Full-price sales increased almost twice in Americas while South Korea and China grew nearly 80% and 40% respectively.
It stated that other regions such as Europe were still under the pressure of reduced tourism levels.
Burberry will welcome Akeroyd to its ranks next April. He succeeds Marco Gobbetti who announced his resignation in June. This was midway through a multiyear turnaround that aims to propel the brand up-market.
($1 = 0.7389 pounds)
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