Burberry shares climb on improved profits
Fashion house Burberry (LON:BRBY) saw its revenues for the year ended 31st March trimmed by 1% to £2.73 billion, but revenues rose by 2% once wholesale beauty products were excluded.
Profits margins also improved by 50 basis points to 17.1%, helping fuel improved reported operating profits of £410 million. The company is looking to further improve this in the current year by targetting cost savings of £100 million on top of the £68 million achieved in 2018.
CEO Marco Gobbetti said that management were pleased with the progress the company had made and that, “the first steps we implemented to re-energise our brand are showing promising early signs”. Management also announced that they were planning a £150 million share buyback scheme.
Shares in Burberry were at 1,862.50p at 14:15 BST, up by 3.3% today.
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