Shares in Burberry were up on the FTSE 100 in morning trading after the fashion retailer reported a strong rise in revenue in the second half ended 31 March.
Total revenue was reported as rising 30 per cent to £860 million, with retail revenue jumping 42 per cent to £596 million, thanks to a good performance in London and growth of around 30 per cent in China..
Wholesale revenue increased 14 per cent to £214 million, due mainly to a strong performance in the Americas and Asia-Pacific, while licensing revenue fell five per cent to £50 million.
The group said that during the period it had finished restructuring its business in Spain and added that it was forming a joint venture to operate five stores in Saudi Arabia.
Angela Ahrendts, Chief Executive Officer of Burberry, said, "Burberry had a strong finish to the year, driven by our design, digital marketing and retail initiatives, as well as good early progress in China. As a result, we expect adjusted profit before tax for the financial year 2010/11 to be around the top end of market expectations. While the luxury industry faces global challenges in the year ahead, we remain confident in our team's ability to outperform, underpinned by the consistent execution of our key strategies."
By 10:40 shares in Burberry were up 5.93 per cent on the FTSE 100 to 1,214.00 pence per share.