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High fashion retailer Burberry reported a jump in first half profit as revenue returned to pre-pandemic levels and margins expanded.
For the half year through 25 September, pre-tax profit increased to £191 million from £73 million year-on-year as revenue increased 38% to £1.21 billion.
H1 FY22 revenues were back at pre COVID-19 levels on a constant currency basis with adjusted operating profit ahead vs LLY*
Gross margin increased 120 basis points to 69.3%.
Within comparable store sales growth of 1% versus fiscal 2020, full-price gained 18%, the company said.
'Growth has been supported by strong, localised marketing campaigns, particularly in markets less impacted by travel restrictions,' the company said.
Looking ahead, the company maintained its medium-term guidance for high 'single-digit' top line growth and meaningful margin accretion and confirmed that it was 'comfortable' with current year market expectations