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Burberry's quarterly profit ahead of forecasts

Burberry beat forecasts with a 6% rise in first-half profit as its most wealthy shoppers continued to spend despite a faltering global economy.

The British luxury goods group is best known for its camel, red and black check pattern.

It said today it made a profit before tax and one off items of £173m sterling in the six months to September 30.

That compared to analyst forecasts of £157-172m and £162m the same time last year.

Last month Burberry said sales had steadied in the final weeks of its second quarter, reassuring investors rattled by a shock profit warning in September.

Total first-half revenue was £883m, up 8% at constant exchange rates, with first quarter growth of 11% slowing to 5% in the second.

Burberry said guidance for the second half was unchanged from that issued in October. However, the firm said the decision to directly operate fragrance and beauty as a fifth product division from April 1 would be broadly neutral to underlying profit in 2013/14 and earnings accretive thereafter.