Burberry reports soaring annual profits

British luxury clothing and accessories company Burberry said on Wednesday that annual net profits jumped by more than a quarter, boosted once again by surging demand in Asia. Earnings after taxation rose by 26 percent to £263.3 million ($415 million, 326 million euros) in the 12 months to March, Burberry said in a results statement. Revenues meanwhile rose 24 percent to £1.86 billion, aided by the launch of the group's first flagship stores in Hong Kong, Paris and Taipei. "Burberry has completed another successful year," said chief executive Angela Ahrendts. "An intense focus by our global teams on business, brand and culture in recent years has resulted in a strong foundation across channels, regions and products. "While we remain vigilant about the external environment, we will continue to invest in front-end opportunities within our brand, digital and retail strategies, to drive sustained, profitable growth and enduring customer engagement over the long term." Burberry, famous for its trench coats and trademark red, camel and black check design, added that adjusted pretax profit also soared by 26 percent to £376 million. That beat market expectations of £375 million, according to analysts polled by Dow Jones Newswires. In recent years, Burberry has been at the forefront of the global surge in demand for luxury goods, bolstered by soaring sales in China. At the same time, many mid-market retailers have struggled for survival amid poor economic conditions.