UK-based Burberry Group's revenue rose 6% to £1.10bn ($1.44bn) in the six months to 26 September 2026, with comparable retail sales up 4%.
Retail revenue increased 4% at constant exchange rates (CER) to £896m, or 5% on a reported basis.
Wholesale rose 17% at CER (18% on reported basis) to £174m, ahead of guidance, while licensing fell 5% to £28m.
The 4% rise was matched in the second quarter, a fifth straight quarter of growth.
By region, comparable sales grew 12% in the Americas, 7% in Greater China and 3% in Asia Pacific, while EMEIA fell 2% on lower tourist spend and weaker outlet footfall.
Adjusted operating profit was £62m, up from £19m.
On a reported basis, operating profit was £54m against an £18m loss. Pre-tax profit was £19m versus a £48m loss, and attributable profit was £6m versus a £26m loss.
Gross margin improved 40 basis points (bps) at CER (30bps on a reported basis) to 68.3%, helped by full-price sales and a one-off supply chain rebate that partly offset inventory provisions and wholesale mix.
Adjusted net operating expenses were flat at CER and up 1% on reported basis at £687m.
Adjusting items included an £8m restructuring charge under the Burberry Forward programme, down from £37m.
Cumulative programme restructuring costs are projected at £82m.
For FY27, Burberry expects broadly stable retail space and wholesale revenue growth of 10%-12%.
It forecasts annualised operating expenditure savings of about £100m (£80m delivered in FY26) and capital expenditure of around £100m.
At 30 October 2026 spot rates, currency is expected to add about £20m to full-year revenue and be broadly neutral for adjusted operating profit.
On 15 September 2026, the group refinanced with a new £300m multi-currency revolving credit facility, maturing in November 2031 and replacing a 2021 facility of the same size. It was undrawn at period-end.
Burberry CEO Joshua Schulman said: “Two years ago, we launched Burberry Forward. Today, our brand and our business are stronger. Five consecutive quarters of growth and improved quality of sales demonstrate that our strategy is working.
"In H1, we delivered growth across womenswear, menswear, childrenswear and accessories in an uncertain environment.”
