UK-based luxury fashion house Burberry’s has reported its operating grew 21% to £657m in fiscal year (FY) 2023.
The company’s adjusted operating profit for FY23 was £634m, up 21% against the prior FY and its reported operating profit margin was 21.2%.
For the 52 weeks ending 1 April 2023, Burberry’s revenue was £3.09bn, increasing 10% from £2.82bn in FY22.
The company’s comparable store sales grew 7%.
Its reported earnings per diluted share (EPS) grew 29% to 126.3p against 97.7p a year ago.
During the year, the retailer refurbished 60 stores and a further seven stores last month.
Burberry chief executive officer Jonathan Akeroyd said: “I am very pleased with what we have achieved this year. We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China.
“Having appointed Daniel Lee as our new chief creative officer, we have refocused our brand aesthetic and brought his new creative vision to life with a campaign and runway show that have been very well received.
“At the same time, we have reorganised our supply chain, merchandising and digital teams under new leaders to drive our strategy forward. While the external environment remains uncertain, I am confident we can achieve our FY24 and medium-term targets as we focus on executing our plan to realise Burberry’s potential as the modern British luxury brand.”
In the fourth quarter of FY23, Burberry’s comparable store sales rose 16%, driven by growth in Mainland China of 13%.
In Europe, the Middle East, India and Africa (EMEIA) and Asia Pacific, comparable sales increased by 27% and 19%, respectively. In the Americas, comparable sales declined by 7%.