Burberry reports profits surge
Fashionable bag retailer Burberry has reported a surge in annual profits following a boom in sales of accessories such as handbags, jewellery and shoes.
The 155 year old retailer, famous for its check designs, notched up a 35% increase in the sale of such accessories in the year to March 31 – justifying its decision to focus on the sector.
This saw the firm rake in £298m in pre-tax profits, a 39% increase on last year.
Burberry attributes its good fortune to ravenous demand from middle class Chinese shoppers and tourists whose numbers continue to expand.
In recent years the label has focussed new store openings on emerging markets, principally China, India, Brazil and Mexico which now account for 16% of the firms retail and wholesale revenue.