Burberry : Solid results underpinned by wholesale and licences. Retail a little disappointing. Guidance broadly unchanged
>Sales 2% ahead of the consensus for H1 2019. Operating profit 5% higher, solid wholesale and licences, disappointing retail - Solid sales for wholesale and licences, retail slightly disappointing: Burberry reported group sales of £ 1,220m in H1 2018-19, 2% higher than our and the consensus forecasts. Retail sales were up 2% l-f-l in Q2 (vs our and consensus estimate of 3% l-f-l over the period). The expansion of selling space had dented retail sales by 1% in H1. The ...Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.
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