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Burberry reports profits plunge in FY 2015

Xinhua, May 18, 2016 Adjust font size:

British luxury brand Burberry Wednesday reported 1 percent fall in revenue according to its preliminary results for the financial year ended March 31.

The fashion firm said its revenue for the year fell 1 percent to 2.5 billion pounds (3.6 billion U.S. dollars), while its adjusted profit before tax fell to 421 million pounds from 456 million pounds last year, down 10 percent underlying.

"While we expect the challenging environment for the luxury sector to continue in the near term, we are firmly committed to making the changes needed to drive Burberry's future outperformance, underpinned by strong brand and business fundamentals," said Christopher Bailey, Burberry's Chief Creative and Chief Executive Officer.

"We continue to see significant opportunities ahead of us and have put ambitious plans in place to increase future revenue, enhance productivity and create a more efficient organization," he added.

According to Burberry's core strategies in FY 2016, it will continue to focus on engaging with and improving the service offering to the Chinese luxury consumer, both at home and when travelling. Endit