Burberry expects high-end profits

19th Apr 2011 07:40

Luxury fashion label Burberry expects profits for the financial year to March 31 to be at the top end of expectations after a strong performance in the final few months.Total revenues rose by 30% from the previous year on an underlying basis to £860m. In the retail division, where underlying sales were up by 42% to £596m, Burberry said its London stores "outperformed."Like many luxury goods retailers operating in the capital, Burberry has benefitted from overseas big-spenders flocking to the UK, taking advantage of the weak pound.Wholesale revenue was up by 14% on an underlying basis to £214m.Chief executive Angela Ahrendts said the company saw good early progress in China. "While the luxury industry faces global challenges in the year ahead, we remain confident in our team's ability to outperform, underpinned by the consistent execution of our key strategies," she said.---RG