Interim Results 2002
Burberry Group plc reports interim results for its first half ended 30 September 2002.
EBITA* increased by 32% to £55.1 million
EBITA margin expanded from 17.5% to 20.1%
Gross profit margin increased from 47.8% to 55.7%
Total revenues increased by 15% (9% underlying**) as previously
- Retail sales up 32%, 17% underlying
- Wholesale sales increased 8%
- Interim dividend of 1p per ordinary share declared
*EBITA represents operating profit before interest, taxation, exceptional items and goodwill amortisation.
**Underlying figures are calculated at constant exchange rates and exclude the impact of the Asia acquisitions. Burberry acquired the operations of its primary distributors in Asia outside of Japan in January 2002 and July 2002 (the 'Asia acquisitions').
John Peace, Chairman of Burberry, commenting on the interim results: "This is strong performance particularly in light of the difficult trading conditions and demonstrates that the business is on track to achieve the goals set out during the IPO process."
Rose Marie Bravo, Chief Executive, stated, "Burberry's encouraging performance in the first half was driven by continued execution of our strategic agenda in key product categories, targeted geographies and distribution channels. The dedication of our management team, the efforts of our licensee partners and the support of our wholesale customers underpinned this achievement. This strong financial performance is notable in light of the challenging trading environment."
Management will discuss these results during a presentation to analysts and institutions at 1:00pm today at The Lincoln Centre, 18 Lincoln's Inn Fields London WC2A 3ED (telephone 0207 404 5959). The presentation will also be broadcast live in the Results and Presentations section of this website and can be accessed by telephone at +44 (0) 20 8240 8244.
|Mike Metcalf||COO and CFO||020 7968 0465|
|Matt McEvoy||Strategy and IR||020 7968 0465|
|Susan Gilchrist||020 7404 5959|
|Charlotte Elston||020 7404 5959|
View the full Interim Report 2002 in PDF format.