Burberry Group PLC

Latest Results (26.06.2026):

Burberry Group PLC — reporting results for the 52 weeks ended 28 March 2026 (FY26), with particular momentum in Q4 FY26: the company returned to profitable comparable sales growth and delivered materially improved margins and cash generation versus FY25.

Revenue and sales

Group revenue £2,420m (down 2% reported, flat at constant exchange rates). Retail comparable store sales +2% for FY26 and +5% in Q4 FY26; Q4 saw double‑digit comps in Greater China and the Americas (+10% each).

Profitability

Adjusted operating profit £160m (FY25: £26m); adjusted operating margin 6.6% (up ~570bps at CER). Reported operating profit £115m (FY25: £(3)m). Adjusted diluted EPS 15.2p (FY25: (14.8)p); reported diluted EPS 5.9p (FY25: (20.9)p).

Gross margin and costs

Gross margin 67.9% (up ~530bps at CER), driven by higher‑quality sales and disciplined inventory purchasing. Net opex broadly flat with £80m of Opex savings delivered in FY26 while continuing targeted investment.

Cash generation and balance sheet

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

Inventory and operating metrics

Gross finished goods inventory down 13% at CER. Retail space broadly stable (-1%); 9 store openings and 21 closures in the year leaving 410 directly operated stores as at 28 March 2026. Outerwear and Scarves outperformed, with double‑digit growth in H2.

Adjusting items and one‑offs

Adjusting items comprised restructuring costs of £45m (FY25: £29m) related to the Burberry Forward transformation programme; FY26 adjusted profit before tax £94m (FY25 adjusted loss £37m).

FY27 outlook

Management expects to deliver revenue growth and margin expansion in FY27 while noting macro uncertainty. Guidance highlights: wholesale mid‑single digit growth in H1, annualised cost savings c.£100m by FY27 (c.£80m delivered in FY26), capex ≈£120m, an expected restructuring charge ~£5m, and a c.£10m FX headwind (at 1 May spot rates). Adjusted effective tax rate expected 27–30%.

Board update

Chair Gerry Murphy will retire at the interim results in November 2026 and will be succeeded by William Jackson, who joins the Board as a Non‑Executive Director on 1 July 2026 and will stand for election at the AGM on 15 July 2026.