Burberry half-year profits up 6%
Fashion house takes a hit of £73.8m to end association with Interparfums
By CFOWorld.co.uk staff | CFO UK | Published 11:43, 07 November 12
Luxury fashion house Burberry has reported a 6 percent rise in underlying profits for the six months to September-end to £173 million.
The latest headline profit, announced on Wednesday, has actually followed a September profit warning issued by the firm which raised worries over the strength of the luxury goods sector. But last month Burberry announced that sales figures were according to form over the second quarter of the year.
The fashion house said that total revenues for the period rose 8 percent to £883 million.
However, pre-tax profits for the six-month period fell to £111.9 million from £158.7 million a year earlier after factoring a one-off £73.8 million payment on the books. It was made by Burberry to end a products licence with French company Interparfums.
Angela Ahrendts, chief executive of Burberry, said, "Integrating fragrance and beauty is a significant brand and business opportunity. Our global teams are excited to partner with long-standing distributors, suppliers and customers to optimise these under-penetrated categories."
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