Fashion house Burberry has reported a dip in profits but the firm says it is cautiously optimistic about sales over the important Christmas period.
Cold winter weather will boost sales, Burberry hopes
Pre-tax profits for the six months to 30 September fell to £78.1m ($136m), down from £79.4m a year ago.
Retail revenues rose 9%, but wholesale revenues dipped 1% and are expected to remain weak, Burberry said.
But Burberry's outgoing chief executive Rose Marie Bravo said the forecast cold winter weather should boost sales.
"With cold weather arriving and the holidays approaching, we enter our most important time of year with cautious optimism," she said.
Ms Bravo is due to be replaced by Angela Ahrendts - currently executive vice-president of US clothing company Liz Claiborne - next year.
Burberry is still 65%-owned by its parent firm GUS, although GUS said in May that it planned to demerge its stake by the end of the year.
GUS is now expected to give details of the demerger plans when it releases its half-year results on Thursday, Burberry said.