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Luxury brand doing fine in recession

Burberry sees some nice profits in the first quarter of this year.

Burberry's classic trench. Photo: PA

LUXURY CLOTHING and accessories brand Burberry has reported a nice profit increase of 27% in Q1 of this year. Sales in the three months preceding June 30th rose to £291 million from last year’s £229 million.

Strong sales in Asia Pacific in particular pushed their performance above expectations, with retail Burberry’s sales overall up 21%. The brand plans to open up to 30 additional stores, mostly in the US and Asia, over the coming year.

It’s not all plain sailing for the brand, though. Despite strong sales results, the company’s stock fell 0.6% to 789.5 pence yesterday. The company is reportedly bracing itself for an internal battle over the pay level of is chief executive, Angela Ahrendt, the London Evening Standard reports. The company’s annual meeting is being held later this week and Ahrendt’s £6 million pay deal is expected to be questioned by shareholders.

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