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Burberry posts strong performance
LONDON, England (CNN) -- UK fashion group Burberry, which made its trading debut four months ago, has turned in a strong half-year performance by posting a 32-percent jump in earnings. Burberry, best known for its beige check designs, beat market expectations on Tuesday with profits before deductions of £55.1 million ($87 million), up from £41.6 million for the previous April-to-September period. Analysts had forecast first-half earnings of about £50 million. It was the group's first interim results since it began trading as a separately listed company on July 12. Burberry was previously wholly owned by Great Universal Stores.
"This is strong performance, particularly in the light of the difficult trading conditions and demonstrates that the business is on track to achieve the goals set out during the IPO process,'' Chairman John Peace said in a statement. Shares in Burberry (BRBY) were down 4.5 up 1.2 percent to 236.50 pence in midday London trading on Tuesday, after rising initially following the release of the earnings results as investors sold to take advantage of recent gains. The company's stock has enjoyed a recovery in the past month after a disappointing performance following its flotation at 230 pence a share. The company said first-half revenues rose 15 percent to £271 million as it reaps the rewards of a five-year style reinvention under Chief Executive Rose Marie Bravo. Retail sales increased by 32 percent. Bravo said the strong sales were due to "our traditional categories, outdoor wear, rainwear, accessory ranges, cashmere scarves, day to evening wraps, handbag ranges, some of our classic ranges especially." "Men are really back into dress-up mode, thankfully," she said in a conference call.
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