China cash cow boosts Burberry
BURBERRY'S departing chief executive Angela Ahrendts is set to leave the group on a high after seeing no let-up in demand from Chinese consumers.
Ms Ahrendts, who is due to step down in the summer for a job at Apple, posted a 13% rise in retail revenues to £928m in the six months to March 31, with demand for its handbags and scarves in China and Korea particularly strong.
The update ahead of full-year results on May 21 was partially overshadowed by the company's warning on the strength of the pound, which is likely to have a "material" impact on profits in the current financial year.
Based on trading in 2014, Burberry said currency exchange rate movements would reduce profits in retail and wholesale trading by about £30m.