British Fashion Brand Burberry's H1 Sales Climb 11%; Unveils Growth Strategy

Author: Shivani Kumaresan | November 17, 2022 06:29am

British luxury brand Burberry Group ADR (OTC:BURBY) reported its second-quarter FY23 comparable store sales growth of 11%.
The progress happened due to increased tourist spend.
The brand reported first-half revenue of £1.35 billion, a 5% Y/Y increase in constant exchange rates, and 11% on a reported FX basis.
Adjusted operating profit for the period climbed 6% at CER to £238 million.
Chief Executive Officer Jonathan Akeroyd presented the strategy for the next phase for Burberry, including a target to double sales of leather goods, shoes, and women's ready to wear.
"Burberry has an extraordinary legacy, a unique British heritage and a very strong platform to build on, as shown in our half-year results," said Akeroyd.
The strategy also aims to refocus on Britishness and strengthen the connection with British design, craft and culture.
Price Action: BURBY shares closed lower by 2.82% at $23.23 on Wednesday.
Photo Via Company