Future Of British Business
Burberry Boosts Profit as UK Trenchcoat Maker Moves Upmarket
- Shares gain as margin widens by more than one percentage point
- Outlook dims as luxury industry suffers from China’s lockdowns
A Burberry store on Regent Street in London.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Burberry Group Plc boosted its profitability to the highest level in eight years as the UK trenchcoat maker benefited from efforts to make its brand more exclusive and pricey.
The luxury-goods maker said Wednesday its adjusted operating margin widened to 18.5% in its fiscal year ended April 2. The company reiterated revenue growth should be at a high single-digit percentage in the medium term. The stock traded little changed after rising as much as 2.9% earlier.