Luxury fashion house Burberry’s profit declined 44% to £271m ($342m) in the fiscal year 2024 (FY24) compared with £492m in FY23. 

The retailer’s profit before taxation (PBT) plummeted by 40% to £383m in FY24, compared to £634m in FY23. 

The retailer’s reported operating profit declined by 36% to £418m in FY24 from £657m in the previous year and its adjusted reported operating profit fell by 34% to £418m at the reported rate in FY24 from £634m in FY23. 

During the period ending 30 March 2024, Burberry reported £2.96bn in revenue, down 4% at the reported rate from £3.09bn in FY23. 

 Its comparable store sales fell by 1% over the fiscal year, with a strong first half showing a 10% increase offset by an 8% decline in the second half. 

The retailer’s basic and diluted earnings per share (EPS) for FY24 were 74.1 pence and 73.9 pence respectively, against 126.9 pence and 126.3 pence in FY23. 

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During the latest fiscal year, Burberry strengthened its distribution network, with more than half of its stores now newly opened or refurbished.  

As of 30 March 2024, it operated 422 directly managed stores and 33 franchise stores. 

Burberry CEO Jonathan Akeroyd said: “Executing our plan against a backdrop of slowing luxury demand has been challenging. While our FY24 financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements. 

“We are using what we have learned over the past year to finetune our approach, while adapting to the external environment. We remain confident in our strategy to realise Burberry’s potential as the modern British luxury brand and in our ability to successfully navigate this period.” 

Burberry predicts a currency headwind of £30m to revenue and £20m to adjusted operating profit in FY25, based on foreign exchange rates as of 25 April 2024.