UK-based luxury fashion house Burberry has reported an operating profit of £223 ($277.69m) in the first half (H1) of fiscal year (FY) 2023.

This is a decrease of 15% from £263 in H1 FY22.

The company’s reported operating profit margin for the period decreased by 360 basis points (bps) to 15.9% from 19.5% in H1 FY22.

Its reported diluted earnings per share (EPS) for the 26 weeks ended 30 September 2023 were £0.42, down 14% from £0.49 in H1 FY22.

Burberry generated £1.39bn in revenue in H1 FY23, an increase of 4% from £1.34bn a year ago.

Its retail comparable store sales for H1 FY23 were 10% compared to 5% in the prior year.

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By GlobalData

Comparable store sales for outerwear and leather goods increased 21% and 8% in H1 FY23.

Regionally, comparable store sales in Asia Pacific and Europe, as well as the Middle East, India and Africa, grew by 18% and 14%, respectively, during the first half. Meanwhile, in the Americas, comparable store sales declined 9%.

During the first half, Burberry increased the number of updated stores by 33, taking its total stores in the new design to 140.

The retailer aims to update more than 50% of the network by the end of FY23.

Burberry chief executive officer Jonathan Akeroyd said: “We made good progress against our strategic goals, executing our priorities at pace. We continued to build momentum around our new creative vision with the launch of our Winter 23 collection in September, the first designed by Daniel Lee.

“While the macroeconomic environment has become more challenging recently, we are confident in our strategy to realise our potential as the modern British luxury brand and we remain committed to achieving our medium and long-term targets.”