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Burberry full year sales decline

Luxury brand Burberry has posted a 10% decline in sales in the year to 27 March after trading was impacted by store closures during the coronavirus… View Article

FASHION

Burberry full year sales decline

Luxury brand Burberry has posted a 10% decline in sales in the year to 27 March after trading was impacted by store closures during the coronavirus pandemic and a decline in tourist numbers around the world.

However, the company said there was a recovery later in the year with fourth quarter comparable store sales increasing by 32% year-on-year, despite an average 16% of Burberry stores being closed. Within this, full-price sales climbed by 63% in the quarter due to strong sales in  mainland China, Korea and the US.

Burberry said its adjusted operating profit for the 12-month period came in £396 million compared to £433 million in the previous year.

Marco Gobbetti, Burberry chief executive, said: “In the last three years we have transformed our business and built a new Burberry, anchored firmly in luxury. We have revitalised our brand image, renewed our product offer and elevated our customer experience while making further progress on our ambitious social and environmental agenda.

“In spite of Covid-19, we achieved our objectives for the period and delivered a strong set of results in FY21, ending the year with good full-price sales growth. In this next chapter, supported by these foundations and the strength of our teams, we will accelerate our growth and deliver value creation while continuing to build a more inclusive and sustainable future.”

Looking ahead, Burberry said it will be working to accelerate growth by continuing to build brand advocacy and community, focusing on its core luxury categories, rolling out its new store concept and scaling new omnichannel experiences. It will also continue to focus on full-price sales while significantly reducing markdowns.

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