Burberry Breaks £1bn Barrier But Profit Flat

Luxury fashion group Burberry has seen its total revenue break the £1bn barrier for the first time, while profit for the group has remained flat.

The 157-year-old group, best known for its camel, red and black check pattern, made a profit before tax and one-off items of £174m in the six months to September 30.

Last month Burberry forecast a first-half profit around that level of the prior year's £173m.

Total revenue rose 17% to £1.03bn, driven by a 20% increase in retail revenue to £695m as global demand for its luxury clothing and accessories continued.

Burberry is meanwhile preparing for the exit of long-serving chief executive Angela Ahrendts, who steps down next year to take up a new job with Apple.

"We are proud to announce a first half performance that saw Burberry's revenue exceed £1bn for the first time, reflecting the continuing strength of our global brand momentum," Ms Ahrendts said.

"We remain focused on executing our retail, digital and marketing strategies in the all-important third quarter and in what remains an uncertain macro environment.

"The senior team continues to balance brand appropriate revenue growth, selective investment and infrastructure efficiencies to drive sustainable profit growth across the portfolio, especially with the significant long-term potential of our fifth product division, beauty."

Ms Ahrendts will leave Burberry in mid-2014 to take up her new position at tech giant Apple, where she will have oversight of the strategic direction, expansion and operation of both retail and online stores.

She will hand over the reins to Burberry's chief creative officer Christopher Bailey, who will retain his existing title alongside becoming the company's CEO.

Some Burberry investors have reacted cautiously to Mr Bailey's promotion arguing his two roles would not sit easily together.

However, though shares in the firm have fallen 9% over the last month, they are still up 19% so far this year.

In early trading on Thursday the Burberry share price was up 1.09%.

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