Burberry Group PLC

Latest Results (16.09.2026):

This is a summary of Burberry Group PLC’s financial results for the 52 weeks ended 28 March 2026, including Q4 FY2026 performance. The group returned to profitable comparable sales growth (group comparable store sales +2% for FY26; Q4 +5%), delivered adjusted operating profit of £160m (adjusted margin 6.6%), reported revenue of £2,420m (flat at constant exchange rates), materially improved gross margin (67.9%) and generated stronger free cash flow (£141m). Management signals confidence for FY27 while noting macro and FX risks.

Revenue and sales trend

Group revenue £2,420m (‑2% reported, flat CER). Retail comparable store sales +2% FY26; Q4 +5% with particularly strong Q4 momentum in Greater China (+10%) and Americas (+10%). E‑commerce grew high teens.

Profitability

Adjusted operating profit £160m (FY25: £26m); adjusted operating margin 6.6% (up ~570bps at CER). Reported operating profit £115m (vs loss £3m prior year). Adjusted diluted EPS 15.2p (vs -14.8p).

Margins and inventory

Gross margin 67.9% (up ~530bps at CER), driven by higher‑quality sales, disciplined inventory purchasing and recovery after FY25 inventory reset. Gross finished goods inventory down ~13% YoY.

Cash flow and balance sheet

Free cash flow £141m (up 120% YoY). Cash net of overdrafts £614m; borrowings £511m; lease liabilities £955m; net debt £852m. Net Debt / Adjusted EBITDA improved to 1.6x (from 2.3x).

Cost savings and adjusting items

Opex savings of ~£80m delivered in FY26 (part of target £100m by FY27). Adjusting items: restructuring costs £45m in FY26; management expects ~£5m restructuring charge in FY27.

Channel and regional mix

Retail remains dominant (c.87% of retail/wholesale sales). FY26 regional performance: Greater China +4% FY26 (Q4 +10), Americas +4% FY26 (Q4 +10), EMEIA flat, Asia Pacific +2%.

Product and store initiatives

Outerwear and scarves outperformed (both double digit in H2); accessories improved and leathergoods recovered in H2. Opened 9 stores, closed 21; directly operated stores 410; retail space broadly stable (-1%). Rolled out 200 scarf bars in FY26.

FY27 outlook and guidance

Management expects further progress in FY27 with revenue growth and margin expansion targeted. Wholesale expected to grow mid‑single digits in H1 FY27; capex ~£120m; annualised cost savings £100m by FY27; FY27 FX at 1 May spot rates implies ~£10m headwind to revenue and adjusted operating profit.

Governance update

Board change: Gerry Murphy will retire as Chair at the interim results in Nov 2026 and will be succeeded by William Jackson (joining as Non‑Executive Director 1 July 2026, to become Chair on handover).