Burberry reports full year revenue growth
The UK-based luxury group has posted a 10% rise in revenue during fiscal 2023 from the prior year, underlining a rebound in performance in the Mainland China in the fourth quarter
“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, wehave reorganised our supply chain, merchandising and digital teamsunder new leaders to drive our strategy forward”, commented Jonathan Akeroyd, Chief Executive Officer.
Full Year Results
In the twelve months that ended on the 1stof April, Burberry’srevenueamounted to 3.1 billion British pounds (3.6 billion euros), reflecting a growth of 10% on a reported basis or 5% at constant exchange rates, as compared to the prior fiscal year.
The company’sretail channelsaw its sales increase by 10% or 6% at constant exchange rates, over fiscal 2023, generating 2.5 billion British pounds (2.9 billion euros), as compared to fiscal 2022, while thewholesale channelcontributed 543 million British pounds (633.9 million euros) to the total annual’s revenue, up by 23% as reported or by 22% at constant exchange rates.
The performance in China impacted directly retail results,with growth rebounding in the fourth quarter following the lifting of COVID-19 restrictions. InMainland China, Burberry’s comparable store sales decreased by 11% in the year, with comparable store sales rising only in the fourth quarter by 13% year-over-year. Thus, theAsia Pacific regionrecorded a full year growth of 2%, on a comparable basis to the previous fiscal year. Meanwhile, in theEMEA region, fiscal 2023 comparable store sales rose by 27% year-over-year, while in theAmericas region, it recorded a small decline of 3% year-over-year.
During the last fiscal year, the luxury company posted anattributable profitof 490 million British pounds, or diluted earnings per share of 126.3 pence, as compared to the 396 million British pounds, or diluted earnings per share of 97.7, reported over fiscal 2022.