CORRECT: Burberry Chairman: Firm Committed To Trading In Spain

15th Jul 2010 12:19

("=Burberry Chairman Says Group Committed To Trading In Spain," at 1026 GMT, misstated the name of the chief financial officer in the third and fourth paragraph. The correct version follows:) By Simon Zekaria Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The chairman of U.K. luxury fashion house Burberry PLC (BRBY.LN) Thursday said the group remains committed to trading in Spain despite having had to restructure the business due to the challenging economic conditions there. John Peace, speaking at the group's annual shareholders meeting, also said the group delivered a "remarkable year" of earnings growth. Chief Financial Officer Stacey Cartwright said the group is focused on its own internal performance in order to continue its trend of "outperforming the market." Cartwright also said that while clothing remains the "bedrock" of the brand's retail operations, it will further extend its accessories range as a key line of growth. On stores, she said the group targets opening further stores in Europe's major capitals as well as focusing on its growth regions in Asia, the Americas and emerging markets. The company's remuneration report was approved in a proxy vote with a 95.7% approval rating. The group previously said investors had not expressed concerns over executive pay. Burberry Tuesday reported a strong start to its fiscal year with a 27% rise in first-quarter sales and said it expects to remain unaffected by projected drops in consumer spending. The company said it is not overly concerned about the effect of potential macroeconomic headwinds on consumer spending as governments across the world take measures to cut public expenditure in order to rein in borrowing. Capital expenditure this fiscal year will almost double as the company invests in new stores, store refurbishments and its supply chain. It opened 8 stores in the first quarter, out of a planned total of between 20 and 30 this fiscal year, predominantly in the Americas and Asia Pacific. -By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; [email protected] (END) Dow Jones Newswires July 15, 2010 07:19 ET (11:19 GMT)