British luxury fashion chain Burberry said its net profits fell 24 per cent to £56.8 million during the six-month period ended September 30, down from £74.8 million in the year ago period.

The maker of Burberry check raincoat said that its gross profit margin in the first-half slipped 30 basis points, better-than-expected 200 basis points. However, company's revenue jumped 6.2 per cent to settle at £572.4 million as compared with £539.1 million in the year ago period.

Luxury goods maker Burberry has aimed £50 million of annual cost savings with a view to alleviate the sluggish sales growth. Burberry, which has already slashed more than 1,000 jobs, expressed optimism for the future. Burberry raised interim dividend by 4 per cent to
3.5p-a-share.