The UK luxury fashion brand, Burberry Group Plc, has said it is confident it will hit its long-term growth targets after posting a 46% leap in preliminary full year retail sales to £228.4 million ($373.4 million).

For the year ended March 31, 2003, the company posted a 19% increase in total sales and a 3.4% rise in profits to £88.3 million ($144.4 million).

Strong sales were fuelled by the success of the Burberry accessories division, in particular its handbags and luggage ranges. Renowned for its yellow checked design, the range accounted for 29% of total revenues. The group’s womenswear division also maintained strong growth, led by its sportswear and outwear collections.

The company, which has a factory in Blyth, Northumberland, said its Asian market performed exceptionally well, accounting for 40% of revenues.

During the fiscal year, Burberry said it focused on expanding its European and American markets, as well as adding twelve new stores to its dossier, including its New York flagship.

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