Investment in leathergoods pays off for Burberry
Leathergoods brand Burberry has reported revenues of more than £2.8 billion for its most recent financial year, the 12-month period ending April 2, 2022.
This represents growth of 21% compared the figure Burberry quoted for the year ending in April 2021. It is also up by 10% compared to the period ending in April 2020, a year almost entirely unaffected by covid-19.
There was “a continuing challenging external environment” during this most recent business year too, the brand said, but something that it pointed to as a help in achieving growth was a strategy “to exit mainline and digital markdowns”.
On this point, it said full-price, comparable-store sales in the US had almost doubled in 2022 compared to (pre-covid) 2020 figures.
It said it had invested in leathergoods as one of its “focus categories”, resulting in a 28% increase in leathergoods sales revenues compared to 2020.
Commenting on the results, Jonathan Akeroyd, who arrived from Versace on March 15 to take up the role of chief executive, said: “Burberry is a unique British company with an extraordinary history and heritage and it is a privilege to take the reins in this next phase.
The company has made great progress over the last five years to elevate the brand, product and customer experience into the luxury space. I look forward to setting out my plans for building on these strong foundations and accelerating growth at the interim results in November.”
