Currency tailwinds and a new set of accounting measures helped to bolster the top and bottom lines at Burberry in the first half of fiscal 2020, despite double-digit declines in Hong Kong.
Profits for the six months ended Sept. 28 rose 14% to 150 million pounds ($193.2), due in large part to the adoption of new accounting standards, IFRS 16, that recognize operating leases as assets and liabilities on the balance sheet. Stripping out the impact of the new measures, profits were up 11%.
Revenues in the period climbed 5% to 1.28 billion pounds on a reported basis due to currency movements and to “strong double-digit percentage” growth of chief creative officer Riccardo Tisci’s latest collections. At constant exchange rates, revenues gained 3%.
This story was reported by WWD and originally appeared on WWD.com. To read the full story, please go to WWD.com.
Watch on FN
How Burberry and The RealReal Are Rewarding Shoppers for Practicing Sustainability