Burberry has broken through the £1bn barrier for its half-year for the first time, in a superstar success story for British retail.
The 157-year-old company saw half-year revenue grow 17% to £1.03bn, with profit of £174m.
The don of British fashion attributed the growth to a 20% increase in retail revenue thanks to global demand.
Profits, though, only grew by £1m from the same period the year before.
Departing CEO Angela Ahrendts explained that bringing Burberry’s beauty division in-house had incurred significant costs, but that the beauty arm would be a “key contributor to our future profitability”.
The news comes as incoming CEO Christopher Bailey – currently chief creative officer – addresses the City for the first time today.
He will assume the role in mid-2014.
“The timing could not be better,” Ahrendts said. “I think this will go down as one of the best successions in the sector.”
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