Burberry: shares up on above-consensus first-quarter
(CercleFinance.com) - Burberry shares have risen as much as 2% on Wednesday, after the British fashion house reported operating profit that exceeded forecasts for its 2017/2018 financial year.
The company - which is famous for its camel raincoats - said on Wednesday that revenue for the twelve months to 31 March reached 2.73 billion pounds, down 1% from the 2016/2017 financial year.
However, the group's adjusted operating profit rose to 467 million pounds, from 459 million pounds, while the consensus was expecting just 453 million pounds.
Burberry also said that it will initiate a new share buyback program of 150 million pounds, which will be completed this financial year.
Burberry shares, which have risen slightly since the beginning of 2018, are currently up 1.7% at 1,834 pence in a fairly bullish London market, which gives the group a market capitalisation of around 7.5 billion pounds.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The company - which is famous for its camel raincoats - said on Wednesday that revenue for the twelve months to 31 March reached 2.73 billion pounds, down 1% from the 2016/2017 financial year.
However, the group's adjusted operating profit rose to 467 million pounds, from 459 million pounds, while the consensus was expecting just 453 million pounds.
Burberry also said that it will initiate a new share buyback program of 150 million pounds, which will be completed this financial year.
Burberry shares, which have risen slightly since the beginning of 2018, are currently up 1.7% at 1,834 pence in a fairly bullish London market, which gives the group a market capitalisation of around 7.5 billion pounds.
Copyright (c) 2018 CercleFinance.com. All rights reserved.