Burberry sales continue to flatter
Burberry chief executive Angela Ahrendts is set to leave the luxury goods group on a high after seeing no let-up in demand from Chinese consumers.
Ahrendts, who is due to step down in the summer for a job at Apple, yesterday revealed a 13 per cent rise in retail revenues to £928 million for the six months to 31 March, with demand for the British firm’s handbags and scarves in China and Korea particularly strong.
The update ahead of full-year results on 21 May was partially overshadowed by the company’s warning on the strength of the pound, which is likely to have a “material” impact on profits in the current financial year.
Based on trading in 2014, Burberry said currency exchange rate movements would reduce profits in retail and wholesale trading by about £30m.
Ahrendts, who has been with the group for seven years, will be succeeded by Yorkshire-born chief creative officer Christopher Bailey.
The 158-year-old business, which is based in London, has 215 retail stores, 227 concessions, 55 outlets and 70 franchise stores.