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Burberry fiscal 2018 adjusted EPS beats estimates

Burberry Group PLC's earnings for fiscal 2018 exceeded expectations.

For the 12 months ended March 31, adjusted diluted EPS rose year over year to 82.1 pence from 77.4 pence, above the S&P Capital IQ estimate for normalized EPS of 80 pence.

Revenue fell 1% to £2.73 billion from £2.77 billion a year earlier. Comparable store sales increased 3% in the quarter.

Adjusted profit in the period increased 2% to £467 million.

Additionally, the company said it will buy back another £150 million of shares.

The company, which closed 34 retail stores and opened 14 new ones during the year, said the performance was in line with its guidance and the company is on track to deliver cumulative cost savings of £100 million.

Burberry said May 14 that it will take over a luxury leather goods business from its longtime Italian leather goods partner CF&P.