Financial News
INTERIM RESULTS
15 NOVEMBER 2011
Global brand momentum and consistent growth across the group
Burberry Group plc, the global luxury company, today announces its unaudited results for the six months ended 30 September 2011.
Highlights
- Consistent double-digit revenue growth
- In retail, wholesale, all regions and all product divisions
- Strong financial performance
- Revenue up 29% to £830m
- Adjusted PBT up 26% to £162m; reported PBT £159m
- Adjusted diluted EPS up 27% to 26.9p; reported diluted EPS 26.4p
- Net cash of £174m (2010: £181m)
- Interim dividend up 40% to 7.0p per share, rebalancing between halves
- Focus on investing to drive growth
- Capital expenditure plans unchanged at £180-200m in FY 2012
- Concentrated in flagship markets including London, Hong Kong and Chicago
Angela Ahrendts, Chief Executive Officer, commented:
“Burberry has delivered a strong first half, reflecting our continued investment in innovative design, digital marketing and retail strategies. This consistent performance, balanced across channels, regions and product divisions, is enabled by our closely connected global teams and creative thinking culture.
As we begin to see initial returns from five years of infrastructure investments, we are confident that this solid foundation will enable us to optimise both our strong brand momentum and the luxury sector's opportunities, especially in high-growth flagship and emerging markets.
As the team has demonstrated in the past, we remain mindful of, and prepared to react to, any local or global uncertainties as we drive for long-term sustainable growth.”
All metrics and commentary in the Group Financial Highlights and Interim Management Report except reported eps exclude the results of the discontinued business in Spain. Discontinued operations in H1 2011 delivered an operating profit of £0.6m (H1 2010: operating loss of £10.3m, including a £7.6m restructuring charge)
Adjusted measures exclude the put option liability finance charge relating to the third party 15% economic interest in the Chinese business of £2.9m (H1 2010: £0.5m)
Underlying change is calculated at constant exchange rates
Certain financial data within this announcement have been rounded
Enquiries
| Burberry | 020 3367 3524 | |
| Stacey Cartwright | EVP, Chief Financial Officer | |
| Fay Dodds | Director of Investor Relations | |
| Jenna Littler | Director of Corporate Relations | |
| Brunswick | 020 7404 5959 | |
| Nick Claydon | ||
| Catriona McDermott | ||
There will be a presentation today at 9.30am (UK time) to investors and analysts at Horseferry House, Horseferry Road, London, SW1P 2AW. The presentation can be viewed live on the Burberry website (www.burberryplc.com) and can also be accessed live via a dial-in facility on +44 (0) 20 3106 4822, password 5473561. The supporting slides and an indexed replay will be available on the website later in the day.
Burberry will update on trading on 17 January 2012 when it will issue its Interim Management Statement for the Third Quarter.
Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward-looking statements. Burberry Group plc undertakes no obligation to update these forward-looking statements, and will not publicly release any revisions it may make to these forward-looking statements that may result from events or circumstances arising after the date of this document. All persons, wherever located, should consult any additional disclosures that Burberry Group plc may make in any regulatory announcements or documents which it publishes. All persons, wherever located, should take note of these disclosures. This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Burberry Group plc shares, in the UK, or in the US, or under the US Securities Act 1933 or in any other jurisdiction.
BURBERRY, the Equestrian Knight Device and the Burberry Check are trademarks belonging to Burberry which are registered and enforced worldwide.
View the full Interim Results Announcement in PDF format.
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