Sales of Burberry increased 10 per cent on a reported basis to £ 3.09 billion in the fiscal year that ended on 1st April 2023, with growth accelerating in the fourth quarter as consumers embraced the British luxury brand’s new creative direction and China recovered from Covid restrictions.
Comparable retail store sales increased by 7 per cent year over year, while the adjusted and reported operating profits increased by 8 per cent and 21 per cent, respectively, to £ 634 million and £ 657 million, respectively, for a margin of 21.2 per cent.
Comparable store sales increased to 16 per cent in Q4 as growth in Mainland China recovered to +13 per cent. Outside of Mainland China, growth during the quarter was +17 per cent, +27 per cent in EMEIA, +19 per cent in Asia-Pacific, and -7 per cent in the Americas.
Burberry experienced a year of change as new CEO Jonathan Akeroyd, formerly of Versace, assumed leadership in the spring and new creative chief Daniel Lee, formerly of Bottega Veneta, joined the company in the fall.
Elsewhere In order to implement this vision, Burberry hired Kate Ferry as its new CFO and reorganised its digital, merchandising, and supply chain activities under new CEOs. In the course of the year, 60 stores were renovated or opened, and about 30 per cent of its full-price network has since been updated.
“I am very pleased with what we have achieved this year. We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China,” said Akeroyd.
