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UPDATE 1-Burberry's revenue rebounds from pandemic

reuters.com · 11/11/2021 02:32
UPDATE 1-Burberry's revenue rebounds from pandemic

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- British luxury brand Burberry BBRYF said its revenue returned to pre-pandemic levels in the first half of its financial year, driven by strong growth in mainland China, South Korea and the United States.

The company, which recently poached Versace boss Jonathan Akeroyd to be its new chief executive, reported revenue of 1.21 billion pounds ($1.64 billion) for the six months to Sept. 25, up 45% at constant exchange rates.

Adjusted operating profit came in at 196 million pounds, nearly four times the level achieved a year ago and beating expectations.

Chairman Gerry Murphy said the brand's full-price sales were growing at a double-digit percentage.

"We are seeing an acceleration in performance in countries less impacted by travel restrictions and we remain confident of achieving our medium-term goals," he said on Thursday.

The company, known for its camel, black and red check and new "TB" monogram, said full-price sales almost doubled in the Americas, while South Korea grew almost 80%, and mainland China was up over 40%.

Other regions, such as Europe, remained under pressure from reduced tourist levels, it said.

Akeroyd will join Burberry next April, succeeding Marco Gobbetti, who announced his departure in June, midway into a multi-year turnaround to take the brand further up-market.

($1 = 0.7389 pounds)

(Reporting by Paul Sandle
Editing by William Schomberg and Kate Holton)

((paul.sandle@thomsonreuters.com; +44 20 7542 6843; Reuters Messaging: paul.sandle.thomsonreuters.com@reuters.net))