Fall blamed on cost of investment programme
Fashion group Burberry has revealed a 4 per cent drop in pre-tax profits to£157 million, from£166.2 million last year.
The decline has been blamed on the cost of the Project Atlas investment programme, which cost£11.1 million. However, in a statement the group said it was on track to deliver the anticipated cost savings.
Group underlying revenue for the year to March 31 was up 4 per cent to£742.9 million. Sales at the retail division were up 11 per cent, while wholesale revenue fell 4 per cent.
Burberry group chief executive Rose Marie Bravo said: 'In a year of transition and investment, the group has achieved solid financial results while advancing a number of strategic initiatives. With a strong spring season under way, we enter our 150th year with confidence.'
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