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(Alliance News) - Burberry Group PLC on Thursday said profit was up by a quarter as it celebrates its "refocused brand aesthetic" and China's reopening boosts sales.
The luxury fashion house reported revenue of GBP3.09 billion for the year ended April 1, increasing 9.5% from GBP2.83 billion the year prior.
The firm noted strong performances from both leather goods and core outerwear, the sales of which increased by 12% and 7% respectively over the year, while sales in China also jumped by 16% in the fourth quarter.
Pretax profit was GBP634 million, increasing 24% from GBP511 million a year ago.
Burberry proposed a final dividend of 44.5 pence per share, bringing the total dividend to 61.0p, increasing 30% from 47.0p in financial 2022.
Looking ahead, the firm said it expects to meet its guidance for financial 2024, as well as its medium-term targets, but is "mindful of [the] macroeconomic and geopolitical environment".
Chief Executive Jonathan Akeroyd said: "I am very pleased with what we have achieved this year. We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China.
"Having appointed Daniel Lee as our new Chief Creative Officer, we have refocused our brand aesthetic and brought his new creative vision to life with a campaign and runway show that have been very well received. At the same time, we have reorganised our supply chain, merchandising and digital teams under new leaders to drive our strategy forward."
Burberry shares fell 6.3% to 2,361.00 pence each in London on Thursday morning.
By Harvey Dorset, Alliance News reporter
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