Burberry, majority owned by GUS, have reported retail sales are up 15 per cent on the year ending March. Wholesale sales are up by 14 per cent, and licensing revenue up 18 per cent. Burberry further stated the year saw design improvements across all its product ranges, as well as brand extension with the successful launch of the Burberry Brit fragrance. Chief executive Rose Marie Bravo said it was a year in which "the brand's transformation from a traditional rainwear manufacturer to a style and luxury leader continued at pace".

Nine new company-owned stores opened during the year, as well as new franchise stores and concession openings in China, Russia and the Middle East. Chairman John Peace said "2003/04 marks another successful year for Burberry. The strength of the business in the context of this year's challenging trading environment highlights the vibrancy of the Burberry brand and the dedication and talents of its management team."

Bravo said: "This has been a terrific year for Burberry. The group achieved 28 per cent EPS growth on a 14 per cent revenue gain, backed by double digit growth in each of our businesses. "With a favourable response to date to our autumn/winter 2004 merchandise, we look ahead to the current financial year with confidence." Burberry expects to boost retail space by around 8 per cent in the year ahead through the addition of seven new stores and concessions as well as expansion and renovation of existing stores.