Half-year results show 5% fall for Burberry, but CEO sees signs of hope
Leathergoods brand Burberry has reported revenues of just over £1 billion for the first six months of its current financial year, the period ending September 27.
This represents a fall of 5% compared to the same period a year earlier.
Revenues from accessories fell by 7% year on year to reach £343 million. It was still the company’s biggest category. Burberry said the performance of its leathergoods category improved in the second quarter, but “remained challenging overall”.
At the end of the six-month period, Burberry had 225 directly operated stores. Of these, 97 are in China, 29 in the rest of Asia, 56 in the Americas and 43 in Europe.
Chief executive, Joshua Schulman, explained that the company was one year into a restructuring programme he has called Burberry Forward. He said his belief in this “extraordinary British luxury house” was stronger than ever.
“We have begun to see customers return to the brand they love,” he said, “resulting in comparable store sales growth for the first time in two years. While there is more to do, we now have proof that Burberry Forward is the right strategic path to restore brand relevance and value creation.”
