Burberry: first-half in line, confirms guidance
(CercleFinance.com) - British luxury brand Burberry delivered first-half results that were in line with its guidelines on Thursday, despite ongoing troubles in Hong Kong, and confirmed its outlook for full-year 2019/2020.
The company said revenue in the 26 weeks ended 28 September rose by 5% to 1.28 billion pounds.
This topped analysts' average forecast of 4% growth.
Burberry also reported operating profit of 202 million pounds for the six first months of its financial year, up 17%, as Riccardo Tisci's collections delivered strong double-digit growth.
The company maintained its guidance for broadly stable top-line and adjusted operating margin for the full-year, despite incremental pressure on gross margin from disruptions in Hong Kong and mix.
Its shares jumped over 4.5% after this report.
"The question remains on how substantial this improvement can be, and how it is going to sustain," Bernstein analysts said this morning, however.
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