Burberry beats Hong Kong disruption as new strategy progresses

Burberry

Burberry has said its new strategy is “on track” despite being affected by the civil unrest in Hong Kong.

The luxury fashion giant reported a pro forma adjusted operating profit of £187m, down 4% at constant exchange rates, in the half-year to September 28.

Revenues rose 3% to £1.28m and comparable store sales were up 4%, helped by new collections.

Burberry maintained guidance for “broadly stable top-line and adjusted operating margin, despite incremental pressure on gross margin from the disruptions in Hong Kong” and product mix.

Burberry is in the middle of the second year of a transformation plan spearheaded by chief executive Marco Gobbetti.

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