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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Burberry Group plc    BRBY   GB0031743007

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Burberry To Invest In Larger Stores As Profit Surges

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05/23/2012 | 08:45am CEST

Burberry Group PLC (>> Burberry Group plc) said Wednesday it will invest in opening larger-format stores across its markets to drive further growth, as the luxury clothing and handbag retailer reported a big jump in full-year profit, again boosted by surging demand in Asia.

"We have completed another successful year," said Chief Executive Angela Ahrendts. "While we remain vigilant about the external environment, we will continue... to drive sustained, profitable growth and enduring customer engagement over the long term."

Burberry said it plans a 12% to 14% increase in retail selling space in fiscal 2013, with a focus on larger stores. It added that capital expenditure will be GBP180 million to GBP200 million in the coming year.

The company, famed for its trench coats and plaid-patterned accessories, posted net profit of GBP263.3 million for the year to March 31, compared with GBP208.4 million a year earlier, on revenue 24% higher at GBP1.86 billion at constant exchange rates.

Adjusted pretax profit--the measure of performance watched by analysts--stood at GBP376 million, up from GBP297.9 million, and in line with analyst expectations of about GBP375 million. Burberry raised its dividend 25% to 25 pence.

Burberry has been at the forefront of the worldwide surge in demand for luxury goods in recent years, bolstered by massive sales increases in China, even as many mid-market retailers have struggled for survival amid torrid economic conditions and low consumer confidence.

Luxury retailers have appeared immune to the worldwide economic downturn and Burberry's shares have soared from a low of 154.75 pence in November 2008 to close Tuesday at 1,386 pence, mirroring the fortunes of peers including Prada SpA (1913.HK) and LVMH Moet Hennessy Louis Vuitton (>> LVMH).

-By Peter Evans, Dow Jones Newswires; 44-20-7842-9308; peter.evans@dowjones.com

Stocks mentioned in the article : Burberry Group plc, Burberry Group plc, LVMH
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Financials ( GBP)
Sales 2017 2 769 M
EBIT 2017 440 M
Net income 2017 299 M
Finance 2017 659 M
Yield 2017 2,16%
P/E ratio 2017 25,19
P/E ratio 2018 22,32
EV / Sales 2017 2,52x
EV / Sales 2018 2,35x
Capitalization 7 622 M
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Mean consensus HOLD
Number of Analysts 29
Average target price 16,1  GBP
Spread / Average Target -7,6%
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Christopher Bailey President & Executive Director
John Wilfred Peace Chairman
Julie Brown Chief Operating & Financial Officer
Fumbi Chima Chief Information Officer
Philip Bowman Senior Independent Non-Executive Director
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