20 May 2024

Slowing luxury demand’ hurts Burberry

Luxury group Burberry has reported full-year revenues of just under £3 billion for the 12 months ending on March 30, 2024. This represents a fall of 4% year on year. By Leatherbiz.

It said its comparable store sales were down by 1% and that this was the result of “a challenging second half”.

In the first six months of the financial year, Burberry achieved growth of 10%. In the second half, which includes the all-important holiday shopping season, its revenues were down by 8% year on year.

Revenue from accessories was just over £1 billion, down by 6.2%.

In response, Burberry said it would aim to “deepen connections” with new and existing customers in the current business year. It said this would include “refining brand expression and increasing product focus in storytelling”.

Chief executive, Jonathan Akeroyd, said Burberry had made good progress in “refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements”. But he also said that it had found it challenging to execute its plans “against a backdrop of slowing luxury demand”.

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