Burberry profit up 36%, backs 2019 guidance

Burberry Group PLC (BRBY.LN) on Thursday reported a 36% rise in pretax profit for the first half of fiscal 2019 and backed its full-year guidance.

The luxury-fashion retailer recorded a profit of 174.1 million pounds ($228.7 million) for the 26 weeks ended Sept. 29 compared with profit of GBP128.3 million in the year-earlier period.

Accounting for one-off costs, Burberry reported an adjusted pretax profit of GBP180 million, down from GBP188 million in the first half of fiscal 2018. Net profit rose 42% to GBP131.9 million, the company said.

Revenue for the first half of the year declined to GBP1.22 billion from GBP1.26 billion, Burberry said.

The company kept its interim dividend at 11 pence a share.

Burberry maintained its guidance for the full financial year, including the delivery of GBP100 million in cumulative cost savings. It also expects cumulative cost savings in fiscal 2020 of GBP120 million.

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