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May 25, 2006
Burberry's Sales Up, But Profit Slides
British luxury brand Burberry reported a 4 percent rise in sales to £742.9 million for its latest financial year, thanks to increased retail activity.
The company has reduced its sales through department stores and concentrated on building out its own shops. The cost of the new stores, and a hefty investment into a new technology system, weighed down Burberry’s profits, however.
Profits for the year ended March 31 dropped 4 percent compared to the previous year.
The London-based company is spending tens of millions of pounds on a new infrastructure system that will take a bite out of profits for the next few years, but will eventually streamline costs, it said.
Posted by Blacks on May 25, 2006 11:12 AM
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