Luxury retailer Burberry has seen profits increase for the year to March 31st, however it has decreased its profit expectations for the 2016 financial year due to foreign exchange movements.
Figures show that adjusted pre-tax profit increased by 7% to £456 million, but profits went down 1% after a £38 million currency impact. However, revenue rose by 11% to £2.5 million.
Contributions to the growth of the company include its British-made trench coats and cashmere scarves.
Chief creative and chief executive of Burberry, Christopher Bailey said: “We are pleased to report a strong full year performance, with revenue up 11% and adjusted profit up 7% underlying. Against a challenging external backdrop, our global team has focused ever more intensely on our core, including celebrating the British-made products that are our brand signature and extending our online and offline integration.”
Burberry have said that its retail and wholesale profit for next year will likely be around £40 million which is down on what they originally had.
Mr Bailey added: “At this early stage of the year, we are seeing increased uncertainty in some markets. Against this background, we will continue to manage our business dynamically - capitalising on the significant opportunities we have by channel, region and product to create long-term shareholder value.”
