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Burberry profit down 21 per cent in 2016

Burberry has had a 21 per cent underlying drop in full-year pretax profit. Burberry is a British luxury fashion house known for its trench coats. Last year Burberry benefited from the drop in value of pound following the vote to leave the EU, boosting operating profits by nearly 130 million pounds. For the full year, its adjusted pretax profit came in at 462 million pounds, in line with expectations and up ten per cent on a reported basis but down 21 per cent when the impact of currency is stripped out.

Revenue for year ending-March fell two per cent on an underlying basis to 2.8 billion pounds. Pretax profit is expected to edge up to 468 million pounds for the current year.

The brand is trying to refresh its product range, become more efficient and improve the performance of its stores, where its space delivers less sales than rivals.

Burberry was founded in 1856 and is a leading luxury brand with a global business. The assortment covers a broad spectrum from classic trench coats to extravagant, innovative fashion collections. The range covers men’s wear, women’s wear, children’s wear, coats, dresses, shoes, accessories, bags, scarves, beauty and fragrance.