Burberry: Britain's Largest Luxury Goods Dealer Not Affected By The European Debt Crisis

Beijing time yesterday afternoon, the largest luxury goods company in the UK, Burberry Group, announced today that sales growth in all regions was no less than 10% in the first fiscal year ending March 31st, and net profit increased by 26% to 263 million pounds ($4 billion 133 million) over the same period last year, slightly below the 274 million pounds accepted by analysts surveyed by Bloomberg survey.

The adjusted pre tax profit grew to 376 million pounds, basically in line with analysts' expectations of 575 million pounds.

Burberry said last month that as Europe's growth slowed, the company's external environment remained cautious.

But Europe's debt crisis and China's economic slowdown have so far not affected the demand for extravagant clothing and accessories.

LVMH Moet Hennessy Louis Vuitton SA, the world's largest luxury goods producer, said last month that sales are still accelerating.

"Although we remain cautious about the external environment, we will continue to invest in the front-end opportunities of our brand, digital and retail strategy," said Angela Ahrendts, Burberry group CEO Angela.

Burberry yesterday fell 0.6% to 1386 pence per share.

The stock has risen 17% this year.

The company, which has a 156 year history, increased its annual dividend by 25% to 25 pence per share.