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Burberry posts 26% increase in profit

  • British luxury brand Burberry has reported a 26 percent jump in profit as expected.

    The 156-year-old seller of checkered raincoats and leather goods, made an underlying pretax profit of $594 million in the year to March 31.

    Revenue rose 24 percent to just over $3 billion on the back of growth rates ranging from 15 percent in Europe and the Americas to 41 percent in Asia Pacific.

    The group is now looking to invest up to $316 million in new outlets and expand existing stores in London, Chicago and Hong Kong.

    It plans on increasing retail selling space by 12 to 14 percent over the next coming year.