|Master Investor Magazine
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The price of shares in FTSE 100 fashion house Burberry (LON:BRBY) has risen by 4.47% to 2,152p (as of 12:00 BST) after revenues for the half year ended 28th September grew by 5%. Reported operating profits were up by 17% despite gross margin pressure caused by disruption in the Hong Kong market and a shifting product mix.
CEO Marco Gobbetti commented: “We are pleased with our performance in the half, as we remain on track to deliver the first phase of our strategy. New product now represents a high proportion of our assortment and the customer response has been positive delivering strong double digit growth. We also continued to strengthen momentum around our brand and transform our distribution. We delivered financial results in line with guidance despite the decline in Hong Kong and we confirm our outlook for FY 2020“.