Retail news round-up on April 16, 2014: Tesco profits fall as trading environment ‘changes more rapidly than ever before’ and Burberry second half sales rise.
Tesco profits fall as trading environment ‘changes more rapidly than ever before’
Tesco full year group trading profit fell 6% to £3.3bn as boss Philip Clarke proclaimed the trading environment is changing more rapidly than ever before.
Underlying pre-tax profit dropped 7.7% to £3.05bn as UK like-for-likes dipped 1.3% in its year to February 22
UK trading profit fell 3.6% as its trading margin fell 18 basis points to 5.03% and sales remained flat.
Burberry sales soar in second half
Burberry retail sales jumped 13% to £928m in its second half to March 31.
Total sales soared 19% to £1.3bn which chief executive Angela Ahrendts said was underpinned by its planned increase in investment, innovative customer service and marketing.