British fashion brand Burberry profit surge despite pressure

GMT 05:01 2014 Friday ,11 July

Arab Today, arab today British fashion brand Burberry profit surge despite pressure

Burberry Group, a British luxury fashion chain
London - XINHUA

Burberry Group, a British luxury fashion chain, reported Thursday a strong profit rise for the three months to June 30, but warned that profits could be hit by unfavorable exchange rates.
Retail revenue rose to 370 million pounds (633 million U.S. dollars) for the three months to the end of June, up 17 percent compared with the same period a year ago, according to the fiscal report released by Burberry.
"The first quarter performance reflects our focus on striving to give customers the best possible experience of the Burberry brand through ongoing investment in retail, digital and service, both on and offline," said Christopher Bailey, the chief executive.
"With great brand momentum and a focused vision, we remain confident of delivering sustainable, profitable growth into the future."
But the group also warned if exchange rates remained at current levels, the full impact on reported retail/wholesale profit in fiscal year 2015 would be material.
"At current exchange rates, reported licensing revenue in fiscal year 2015 will be reduced by about 10 million pounds," said the luxury fashion brand.
As Britain's economy growing steadily, the pound climbs a lot against several main currencies recently. During the last three months, the pound increased 2.4 percent against the U.S. dollar and rises 4.5 percent against the euro. (1 pound = 1.71 U.S. dollars)

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