Burberry year profit falls 12.5%, keeps growth plan

British luxury goods group Burberry met forecasts with a 12.5 percent fall in full-year profit and said it was pressing ahead with expansion plans despite continued tough trading conditions.

The 153-year old maker of raincoats and handbags said on Tuesday it made profit before tax and one-off items of 175 million pounds ($269 million) in the year ended March 31. The average forecast was 173 million pounds in a company poll.

Burberry, known for its camel, red and black check pattern, said revenues rose 21 percent to 1.2 billion pounds and kept its full-year dividend at 12 pence.

The company reiterated it expected to add 10-12 percent of selling space this financial year.

It expected first-half wholesale revenues at constant exchange rates to drop around 15 percent and licensing revenue to fall 10-15 percent on the same basis.