Financial Highlights
– Total revenues increased 10% on an underlying(1) basis, 6% reported
– Retail sales increased 8% underlying, 3% reported
– Wholesale sales increased 9% underlying, 6% reported
– Licensing revenue increased 19% underlying, 17% reported
– Gross profit margin increased from 57.9% to 59.3%
– EBITA(2) margin expanded from 21.1% to 23.1%
– EBITA increased by 16% to £165.5 million
– 19% increase in diluted EPS (before goodwill amortisation and exceptional gain) to 23.0p
– 50% increase in final dividend to 4.5p per ordinary share (6.5p for full year)
– Commenced £250 million share repurchase programme with £58 million completed as of 31 March 2005
Strategic and Operating Highlights
– Launched major infrastructure redesign initiative
– £18 million investment in year one
– £50 million aggregate investment over three years
– £20 million annual benefits by year three
– Enhanced design authority and brand presence through critically acclaimed Prorsum collections
– Opened 12 directly operated retail locations and completed important store renovations
– Extended presence in China and other emerging markets with 10 franchise store additions
– Finalised plans with respect to non-apparel licences in Japan
– Launched highly successful Burberry Brit for Men and Burberry Brit Red fragrances under attractive new licensing agreement
