Burberry revenue tops £1bn, Ahrendts leaving
Retail revenue was £694m, up 17% underlying.
Burberry today announced that Angela Ahrendts will step down as CEO by mid-2014 to take up a new position with Apple. Christopher Bailey is to be appointed to the position of Chief Creative and Chief Executive Officer.
- 13% comparable store sales growth
o Double-digit in Asia Pacific and EMEIA; high single-digit in Americas
o Online continued to outperform in all regions
- Outerwear and large leather goods drove half of mainline growth
· Wholesale revenue, excluding Beauty, £244m, down 7% underlying
- H1 marginally ahead of guidance reflecting strong brand momentum globally
- H2 expect mid to high single-digit % underlying increase excluding Beauty
· Beauty wholesale revenue £51m
- Managed through complex transition period in H1
- Successful launch of Brit Rhythm for Men in September
- Full year revenue still expected at about £140m o Supported by additional marketing investment for Brit pillar fragrances
· Licensing revenue £42m, up 2% underlying excluding fragrance last year
- Consistent with full year guidance
· Further strategic and operational progress
- Digital collaboration with technology leaders o Burberry Kisses with Google o Spring/Summer 2014 runway show filmed on iPhone 5s
- Opened 14 mainline stores, biased to high potential markets
- Innovation in travel tailoring to drive mens London Angela Ahrendts, CEO, commented: 'We are pleased with our first half performance, particularly in retail, with revenue up 17% driven by both online and offline. During the first six months of ownership, our supply chain execution in Beauty continued to improve and we are delighted with the early response to Brit Rhythm for Men, our first ever direct fragrance launch.
'As we look forward to the second half, we expect the external environment will remain uncertain and currencies volatile. Our team is united in focusing on delivering a compelling brand message and exceptional product and service to our customers over the all-important festive periods, while continuing the momentum around Beauty.'
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