UK: Burberry profit up as Bailey starts

Burberry Group’s full-year profit topped analysts’ estimates on Christopher Bailey’s first results day as chief executive. Adjusted pretax profit rose 8 percent to £461 million (R8.1 billion) in the year to March, the UK’s largest luxury goods maker said yesterday. The average of 18 analysts’ forecasts was £450m. Bailey was creative chief from 2009 and took over this month from Angela Ahrendts, under whom Burberry’s sales more than doubled during her almost eight years at the helm. Analysts said they were keen to hear Bailey’s plans for the beauty and Japanese units. – Bloomberg