Robust first half progress at Burberry

Burberry has reported that its half one FY22 revenues are back at pre COVID-19 levels, as it reveals its interim results for the 26 weeks ended 25 September 2021.

The fashion house, which has bases in Castleford and near Keighley, made revenues of £1.2bn during this period (2020: £878m) along with pre-tax profits of £191m (2020: £73m).

Half one FY22 comparable store sales increased by 37% (Q1 FY22: +90%; Q2 FY22: +6%) against the COVID-19 impacted prior year half.

Burberry also says its digital operations are performing well with full-price sales almost doubling versus the equivalent period in 2020.

Its report adds: “The cost savings programme delivered £20m of savings and we have now achieved the £55m of annualised savings guided previously, bringing cumulative savings to £205m and providing a completely restructured cost base, which now forms the foundation for commercial investment.”

Company chairman, Gerry Murphy, said: “We have made strong progress in the half. Full-price sales are growing at a double-digit percentage, driving margin expansion and strong free cash generation.

“We are seeing an acceleration in performance in countries less impacted by travel restrictions and we remain confident of achieving our medium-term goals.

“I would like to thank Marco Gobbetti for his vision and leadership of Burberry’s transformation.

“We are very excited that Jonathan Akeroyd is joining as our new CEO in April to build on the strong foundations to accelerate growth and deliver further value for our shareholders.”

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