British luxury brand Burberry said that the end of a perfume licensing deal depressed its bottom line, dragging net profit down 3% for the year to the end of March.
But the company reported an 8% rise in revenue to £2 billion sterling and said it was pivoting toward emerging markets in Asia and Latin America.
The company said its China sales growth hit 20%, adding that it has signed new franchise deals in Colombia, Chile, and Barbados.
Burberry's profits have been hit by the end of its licensing deal with French perfume Interparfums, which the company said has cost nearly £83m over the past year.
