By Michael Susin
Burberry Group PLC said Thursday that it expects to achieve near-term guidance despite the challenging environment and that pretax profit for the first half of fiscal 2023 rose amid lower costs.
The British luxury-goods company backed its fiscal 2024 target to grow sales to 4 billion pounds ($4.77 billion), while sustaining high-single digit growth with operating leverage ensuring margin progression, despite the challenging macroeconomic backdrop, particularly the pandemic-related disruption in China and recessionary risks in Europe and the Americas.
The company said that pretax profit for the six months ended Oct.1 rose to GBP251 million compared with GBP191.2 million for the same period a year earlier.
It said that operating profit came in at GBP263 million from GBP207.5 million. It was expected to be at GBP230 million, according to the company’s compiled consensus.
The FTSE-100 listed company’s revenue rose to GBP1.35 billion from GBP1.21 billion, above the market expectations of GBP1.32 billion, taken from the company’s compiled consensus.
The board has declared a dividend of 16.5 pence, compared with 11.6 pence a share a year ago.
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