Burberry Group PLC

Latest Results (07.08.2024):

Revenue Performance

Burberry Group PLC reported revenue of £2,968 million for the 52 weeks ended 30 March 2024, a decrease of 4% compared to the previous year. The revenue remained flat at constant exchange rates (CER). The decline was attributed to a challenging second half of the year, which offset the robust performance in the first half.

Operating Profit

Adjusted operating profit for Burberry Group PLC fell by 25% at CER and 34% on a reported basis, amounting to £418 million for the 52 weeks ended 30 March 2024. The adjusted operating profit margin also decreased to 14.1% from 20.5% in the previous year, reflecting the impact of the challenging market conditions.

Comparable Store Sales

Burberry Group PLC's comparable store sales declined by 1% for the 52 weeks ended 30 March 2024. The first half of the year saw a 10% increase in comparable store sales, but this was offset by an 8% decline in the second half, highlighting the volatility in consumer demand.

Dividends

Burberry Group PLC proposed a full-year dividend of 61.0 pence per share for the 52 weeks ended 30 March 2024, maintaining the same level as the previous year. This decision reflects the company's commitment to returning value to shareholders despite the challenging financial performance.

Outlook

Looking ahead, Burberry Group PLC expects the first half of FY25 to remain challenging due to the uncertain external environment. However, the company anticipates seeing the benefits of its strategic actions from the second half of the year. Wholesale revenue is expected to fall by around 25% in the first half as Burberry increases control over its distribution channels.