Burberry’s revenue for FY ’24 was reported to have decreased by 4 per cent to £ 2,968 million, but comparable store sales had only decreased by 1 per cent due to a difficult second half of the year.
While adjusted profit before tax was £ 383 million as opposed to £ 613 million in FY ’23, adjusted operating profit decreased by 25 per cent CER and 34 per cent reported.
Burberry anticipates that H1 will continue to provide challenges given the still-uncertain external climate. With more distribution control, wholesale revenue is predicted to decrease by around 25 per cent in the first half.
“Executing our plan against a backdrop of slowing luxury demand has been challenging. While our FY ’24 financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements,” said Jonathan Akeroyd, Burberry’s chief executive officer in a statement.
