22 May 2023
Burberry has reported its preliminary 2023 fiscal year results, with revenue totalling £3.09 billion (US$3.84 billion), up by 10% year-on-year, writes ILM.
Reported operating profit for the 52-week period ending April 1, 2023, totalled £657 million (US$816.9 million), up by 21% over the previous financial year.
Burberry highlighted that it had a strong performance across its leather goods and outerwear categories, with leather goods comparable store sales up by 12% (15% in Q4 alone) and outerwear comparable store sales up by 7% (30% in Q4).
The brand also reported an “excellent response to [its] new brand aesthetic and Daniel Lee’s first campaign and debut runway show”.
Looking forward, Burberry is aiming for a high single-digit revenue increase from its 2020 financial year base and around 20% adjusted operating profit margin.
CEO Jonathan Akeroyd said: “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.
“Having appointed Daniel Lee as our new Chief Creative Officer, we have refocused our brand aesthetic and brought his new creative vision to life with a campaign and runway show that have been very well received. At the same time, we have reorganised our supply chain, merchandising and digital teams under new leaders to drive our strategy forward.
“While the external environment remains uncertain, I am confident we can achieve our FY24 and medium-term targets as we focus on executing our plan to realise Burberry’s potential as the modern British luxury brand.”