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Clothing & Shoes

Burberry FY21 revenues decline 10%

The fashion house’s adjusted operating profit represented a similar fall, dropping 8% from £433m in FY20 to £396m in FY21

Burberry saw its revenue for the 12 months to 27 March 2021 decline 10% year-on-year at CER to £2.34bn.

The fashion house’s adjusted operating profit represented a similar fall, dropping 8% from £433m in FY20 to £396m in FY21.

The group’s revenues suffered during the first half of the period, with “reduced tourism” causing a 30% year-on-year decrease for H1 FY21.

However, comparable store sales at Burberry rose 32% year-on-year for Q4 FY21, as full-price sales were driven by demand in Mainland China, Korea, and the US.

Reported operating profit for the period in turn rose 176% to £521m, which paired with “strong cash generation” to result in a return to FY19’s 42.5p dividend levels

Marco Gobbetti, CEO at the company, said: “In spite of COVID-19, we achieved our objectives for the period and delivered a strong set of results in FY21, ending the year with good full-price sales growth.

“We have revitalised our brand image, renewed our product offer and elevated our customer experience while making further progress on our ambitious social and environmental agenda.”

Looking ahead, the group intends to deliver “sustainable, high-quality growth” having completed its transformation strategy.

Gobbetti added: “In this next chapter, supported by these foundations and the strength of our teams, we will accelerate our growth and deliver value creation while continuing to build a more inclusive and sustainable future.”

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