Burberry expands: £200m plan to open more stores

By SCOTT REID
Published on 24/05/2012 03:57

Luxury brand Burberry has announced it is to invest up to £200 million opening outlets and expanding existing stores in a number of locations as it continues to defy the retail gloom.

The 156-year-old British group, which has successfully tapped into fast-growing emerging markets such as China, also posted a 26 per cent rise in underlying full-year profit to £376m.

Revenue jumped 24 per cent to almost £1.9 billion with underlying growth rates ranging from 15 per cent in Europe and the Americas to 41 per cent in Asia Pacific.

Burberry said that it planned to increase its retail selling space by 12 to 14 per cent in the coming year, shifting to larger format stores and opening approximately 15 outlets focused on emerging markets and busy tourist centres.

Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said the numbers were “robust”.

SCOTT REID