Burberry Profitability Retrogression In The First Half Of The Year, Pre Tax Profits Fell 12%

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Burberry Group PLC (BRBY.L) bobury announced today that the adjusted pre tax profit in the first half of the year fell 12.4% to 152 million 300 thousand pounds, less than the market forecast of 153 million 500 thousand pounds, compared with 173 million 900 thousand pounds a year ago. The group said the adverse exchange rate fluctuations made profits in the first half of the year. reduce 31 million pounds, excluding the exchange rate effect, the pre tax profit has increased by 6%.

The adjusted operating profit was 152 million 200 thousand pounds, 12.3% less than 173 million 600 thousand last year, and the operating profit rate shrank by 300 basis points to 13.8%, compared with 16.8% in the same period last year. Gross margin also fell by 180 basis points to 68.65%, compared with 70.45% last year.

The group has already been announced. By In the first half of September 30th, revenue rose 6.6%, from 1 billion 31 million pounds in the same period last year to 1 billion 100 million pounds, an increase of 14% over the previous year. Although the growth rate is higher than that of H RMES International SCA (HRMS.PA) 12% of Hermes international, it is higher than that of Kering SA (KER.PA), 5.7% of the luxury sector of Kai Yun group, and 4% of the LVMH Department of Mo MOET & CHANDON t Hennessy (LV) group.

In the first half of the year, retail channel revenue increased by 7.7% (fixed exchange rate increased by 15%, also lower than 17% in the first quarter), from 695 million pounds a year earlier to 748 million pounds, compared with 9% growth in the first quarter. The two quarter slowed down significantly. Sales slowdown was also reflected in the same store sales growth. The two quarter and first quarter same store sales increased by 8% and 12% respectively, indicating a sharp slowdown, and the overall sales growth in the first half of the same store was 10%. Wholesale channel revenue also increased by 7.7%, from 295 million pounds in the same period last year to 317 million pounds, and authorized income decreased 18.2% to 37 million 400 thousand pounds compared to the same period last year.

Burberry Group PLC (BRBY.L) chief executive officer and chief creative officer Christopher Bailey, in the recent earnings report, looks forward to the "external environment will be more difficult", so the group will "continue to focus on controllable business" and "is confident that it will continue to win the market".

Exane BNP Paribas SA (BNP.PA) Luca Solca, an analyst at Bank of Paris, France, said that the market expects Burberry Group PLC (BRBY.L) boboley to achieve a comparable growth of 7.5% in the second half of the year, while the BNP.PA (Bob) is cautious about the future. However, the group said that if the exchange rate maintained its current level, it would not have any further substantive impact on the performance of the second half of the year.

By the end of the first half of the year, the group has 216 main stores, 224 department stores and 55 discount stores. It is estimated that the number of main stores will maintain the level of 2014 fiscal year, and the retail channel will achieve a growth rate of low to medium units, while wholesale channel revenue will decline in the median figure in the 2014 fiscal year.

To the deadline, Burberry Group PLC (BRBY.L) Morning plate It fell 1.77% to 1501 pence, a 1.12% decline in the whole year.