Burberry on the rise too
15/04/2008
Positive news from the luxury sector continued when Burberry reported its results for the second half of its fiscal year (April to March).
The share-price of the UK-based leathergoods and fashion brand rose more in trading on the London Stock Exchange on the day of the results, 15 April, than on any other day since the company went public six years ago.
Revenue climbed 19% to £546 million in the six months to March from £458 million for the same period a year earlier.
The share-price rose by 11% in London on the news.
Chief financial officer, Stacey Cartwright, explained that Burberry had expanded seits retail space by about 12% over this period. Another factor is that it now stocks higher- priced bags, such as the $2,195 metal-studded Warrior.
"The luxury positioning we have reinforced over the past few years is standing us in good stead,'' Ms Cartwright said on announcing the results. "It does enable us to withstand the storm a little better."
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