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Burberry reports solid quarterly earnings despite Hong Kong turmoil

Burberry reports solid quarterly earnings despite Hong Kong turmoil

The british luxury group Burberry recorded a 14% increase in profit in the first half of the year, thanks to higher sales and cost savings and despite the impact of Hong Kong turmoil.

 

By Luxus Plus

 

Net profit attributable to the group amounted to £150.3 million (CHF 190.8 million), according to a press release published on Thursday.

 

Turnover increased by 5% to £1.28 billion, thanks in particular to the collections of designer Riccardo Tisci, which now represent 70% of the products in stores, the press release added.

 

The collections designed by Ricardo Tisci, who joined Burberry in March 2018, posted “double-digit” growth, while “financial results were in line with our forecasts despite the decline (in sales) in Hong Kong,” commented Marco Gobbetti, Managing Director.

 

In terms of regions, sales are driven by Asia (China, South Korea, Japan) despite “a double-digit drop in Hong Kong“, where demonstrations have become increasingly violent in recent months.

 

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In the press release, Burberry said it expects Hong Kong sales to remain “under pressure” in 2020.

 

He added that the forecasts for 2020 are maintained.

 

 

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