Burberry announces slide in net profits
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A Burberry sign is pictured outside a store in Central London on November 7, 2012. British luxury clothing and accessories firm Burberry said its net profits slumped by more than a quarter in the group's first half following a sizeable one-off charge. -- PHOTO: AFP
LONDON (AFP) - British luxury clothing and accessories firm Burberry on Wednesday said its net profits slumped by more than a quarter in the group's first half following a sizeable one-off charge.
Burberry said profit after tax dropped to £85 million ($166 million) in the six months to Sept 30 compared with net earnings of £117.2 million in the first half of its 2011/12 financial year.
The group was hit by a one-off charge of £73.8 million related to the termination of a fragrance and beauty licence deal.
Burberry had meanwhile in September warned that its second-quarter earnings were impacted amid economic slowdown in key market China.
