






Alternative performance measures, including adjusting measures, are defined on page 53 of the Annual Report. Pro forma FY 2019/20 results are included to better indicate the impact of adoption of IFRS 16 Leases in FY 2019/20. These pro forma results are estimations of the results for FY 2019/20 if the previous accounting standard for leases, IAS 17 Leases, had been applied.
* The Group also had borrowings at March 2021 of £297m (March 2020: £300m).
KEY PERFORMANCE INDICATORS
Key Performance Indicators (KPIs) help management measure progress against our six strategic pillars and Responsibility targets.
REVENUE GROWTH*
This measures the appeal of the Burberry brand to customers through all of our sales channels.
Financial ambition over time
High single-digit KPI top‑line growth.*
Performance
FY 2021/22 revenue increased by 23% at CER.

COMPARABLE SALES GROWTH*
This measures the growth in productivity of existing stores. It is calculated as the annual percentage increase in sales from retail stores that have been open for more than 12 months. It is adjusted for permanent closures and refurbishments, and includes all digital revenue.
Financial ambition over time
High single-digit top‑line growth.*
Performance
FY 2021/22 comparable sales increased by 18% in the year as a result of the improvement in the quality of our sales mix in the current year and the impact of COVID-19 on trading in the prior year.

ADJUSTED OPERATING PROFIT GROWTH*
This measure tracks our ongoing operating profitability and reflects the combination of revenue growth and cost management.
Financial ambition over time
Adjusted operating profit growth ahead of revenue growth.*
Performance
Adjusted operating profit in FY 2021/22 increased by 38% at CER. This was as a result of the growth in revenue, improvement in gross margin and the leverage from controlling adjusted operating cost growth as a result of strong cost management and delivery of restructuring programmes.

ADJUSTED OPERATING PROFIT MARGIN
This measures how we drive operational leverage and disciplined cost control, with thoughtful investment for future growth building the long-term value of the brand.
Financial ambition over time
Meaningful adjusted operating margin expansion.*
Performance
Adjusted operating profit margin improved by 160bps as a result of the improved gross margin and the leverage from revenue growth in excess of operating cost growth.

ADJUSTED DILUTED EPS GROWTH
Growth in adjusted diluted EPS reflects the increase in profitability of the business, improvement in the tax rate and share repurchase accretion.
Financial ambition over time
Adjusted EPS growth ahead of revenue growth.*
Performance
Adjusted diluted EPS increased by 40% year on year primarily due to the improvement in adjusted operating profit.

ADJUSTED GROUP ROIC
Adjusted Group ROIC measures the efficient use of capital on investments. It is calculated as the post-tax adjusted Group operating profit divided by average adjusted operating assets over the period.
Financial ambition over time
ROIC significantly ahead of Weighted Average Cost of Capital (WACC).
Performance
Adjusted Group ROIC increased to 24.6% in FY 2021/22, mainly due to the increase in adjusted operating profit. Average operating assets decreased by 5%.

* At CER and adjusted for the 53rd week
Details of alternative performance measures are shown on page 43. Pro forma is an estimation of the FY 2019/20 results when applying the previous accounting standard, IAS 17: Leases, consistent with FY 2018/19. The calculation of Adjusted Group ROIC is set out on page 43.
Adjusted profit before tax has been removed as a KPI, as adjusted operating profit is management’s profit KPI performance measure. Adjusted profit before tax is no longer used as a performance measure for remuneration arrangements for Executive Directors on any new awards. Following the adoption of IFRS 16 in FY 2019/20, the KPI for ROIC has been modified to reflect the impact of IFRS 16 and to use Group operating profit. This is better aligned with other KPIs. Remuneration targets for incentive arrangements also use measures based on operating profit. This KPI will be added to each year from FY 2019/20 until a five-year history is recorded.
Non-financial measures
We have developed non-financial measures to assess our performance against our ongoing employee objectives and 2022 Responsibility targets, with progress regularly monitored by our Board. For further details on ESG activities and progress against 2022 targets, see pages 52 to 56. The Group has considered the non-financial reporting requirements under sections 414CA and 414CB of the Companies Act 2006 and has included details in the Annual Report.
Adjusting items are those items which, in the opinion of the directors, should be excluded in order to provide a consistent and comparable view of the underlying performance of the Group’s on-going business. Generally this will include those items that are largely one-off and material in nature as well as income or expenses relating to acquisitions or disposals of businesses or other transactions of a similar nature, including the impact of changes in fair value of expected future payments or receipts relating to these transactions.
Note: all page references in this section refer to the Annual Report.
To end of year Revenue by channel |
2018 £m |
2019 £m |
Pro forma5 2020 £m |
2020 £m |
2021 £m |
2022 £m |
---|---|---|---|---|---|---|
Retail Wholesale |
2,176.3 526.4 |
2,185.8 487.9 |
2,110.2 475.8 |
2,110.2 475.8 |
1,909.9 396.0 |
2,273 512 |
Retail/Wholesale Licensing |
2,702.7 30.1 |
2,673.7 46.5 |
2,586.0 47.1 |
2,586.0 47.1 |
2,305.9 38.0 |
2,785 41 |
Total revenue | 2,732.8 | 2,720.2 | 2,633.1 | 2,633.1 | 2,343.9 | 2,826 |
Profit by channel | £m | £m | £m | £m | £m | £m |
---|---|---|---|---|---|---|
Retail/Wholesale1 | 440.7 | 395.7 | 360.8 | 389.8 | 361.4 | 486 |
Licensing | 25.9 | 42.4 | 43.3 | 43.3 | 34.5 | 37 |
Adjusted operating profit1 | 466.6 | 438.1 | 404.1 | 433.1 | 395.9 | 523 |
Segmental analysis of adjusted profit1 | 2018 % |
2019 % |
Pro forma5 2020% |
2020 % |
2021 % |
2022 % |
---|---|---|---|---|---|---|
Retail/Wholesale gross margin | 69.1 | 67.9 | 66.8 | 66.8 | 69.5 | 70.2 |
Retail/Wholesale operating expenses as a percentage of sales |
52.8 | 53.1 | 52.8 | 51.7 | 53.8 | 52.7 |
Retail/Wholesale adjusted operating margin | 16.3 | 14.8 | 14.0 | 15.1 | 15.7 | 17.5 |
Licensing operating margin | 86.0 | 91.2 | 91.9 | 91.9 | 90.8 | 90.2 |
Total operating margin | 17.1 |
16.1 |
15.3 |
16.9 | 16.9 | 18.5 |
Summary profit analysis | £m | £m | £m | £m | £m | £m |
---|---|---|---|---|---|---|
Adjusted operating profit1 | 466.6 | 438.1 | 404.1 | 433.1 | 395.9 |
523 |
Net finance income/(expense)1 | 4.3 | 5.1 | 5.9 | (19.0) | (30.2) | (31) |
Adjusted profit before taxation1 | 470.9 | 443.2 | 410.0 | 414.1 | 365.7 | 492 |
Adjusting items | (58.3) | (2.6) | (245.6) | (245.6) | 124.5 | 19 |
Profit before taxation | 412.6 | 440.6 | 164.4 | 168.5 | 490.2 | 511 |
Taxation | (119.0) | (101.5) | (46.0) | (46.9) | (114.3) | (114) |
Non-controlling interest | (0.1) | 0.2 | 0.1 | 0.1 | (0.2) | (1) |
Attributable profit | 293.5 | 339.3 | 118.6 | 121.7 | 375.7 | 396 |
Retail/Wholesale revenue by product division | £m | £m | £m | £m | £m | £m |
---|---|---|---|---|---|---|
Accessories | 1,046.5 | 1,012.7 | 947.5 | 947.5 | 840.9 | 1,017 |
Women's | 808.4 | 836.8 | 796.5 | 796.5 | 652.6 | 784 |
Men's | 647.3 | 698.2 | 714.8 | 714.8 | 667.6 | 807 |
Children's/Other2 | 200.5 | 126.0 | 127.2 | 127.2 | 144.8 | 177 |
Retail/Wholesale revenue by destination | £m | £m | £m | £m | £m | £m |
---|---|---|---|---|---|---|
Asia Pacific | 1,089.0 | 1,104.3 | 1,040.5 | 1,040.5 | 1,203.2 | 1,276 |
EMEIA3 | 975.2 | 957.4 | 960.6 | 960.6 | 628.0 | 813 |
Americas | 638.5 | 612.0 | 584.9 | 584.9 | 474.7 | 696 |
Financial KPIs | 2018 % |
2019 % |
Pro forma5 2020% |
2020 % |
2021 % |
2022 £m |
---|---|---|---|---|---|---|
Total revenue growth4 | -1 | -1 | -4 | -4 | -10 | +23 |
Adjusted operating profit growth1,4 | +5 | +0 | -8 | -1 | -8 | +38 |
Adjusted Group return on invested capital (ROIC)1,6 | 16.3 | 15.5 |
13.5 | 20.0 | 17.0 | 24.6 |
Comparable store sales growth | +3 | +2 | -3 | -3 | -9 | +18 |
Adjusted operating profit margin1 |
17.1 | 16.1 | 15.3 | 16.4 | 16.9 | 19.0 |
Adjusted diluted EPS growth1 | +6 | +0 | -5 | -4 | -14 | +49 |
1. Excludes the impact of adjusting items. Refer to note 2s for the Group’s policy on adjusting items.
2. Includes Beauty wholesale revenue up to the disposal of Beauty operations during the year ended 31 March 2018.
3. EMEIA comprises Europe, Middle East, India and Africa.
4. Growth rate is year-on-year underlying change, i.e. at constant exchange rates.
5. The pro forma income statement for 2020 is an estimation of the results for 2020 applying the previous accounting standard for leases, IAS 17 Leases. The actual results for 2020 are reported applying IFRS 16 Leases.
6. Prior to 2020, reported ROIC was measured on a retail/wholesale basis. From 2020 onwards, reported ROIC is measured on a Group basis and reflects the impact of the adoption of IFRS 16 on the measure.
To end of year Earnings and dividends |
2018 pence per share |
2019 pence per share |
Pro forma 2020 pence per share |
2020 pence per share |
2021 pence per share |
2022 pence per share |
---|---|---|---|---|---|---|
Adjusted earnings per share - diluted1 | 82.1 | 82.1 | 77.9 | 78.7 | 67.3 | 94.0 |
Earnings per share - diluted | 68.4 | 81.7 | 29.0 | 29.8 | 92.7 | 97.7 |
Diluted weighted average number of ordinary shares (millions) | 429.4 | 415.1 | 409.0 | 409.0 | 405.1 | 404.8 |
Dividend per share | ||||||
Interim |
11.0 | 11.0 | 11.3 | 11.3 | - | 11.6 |
Final |
30.3 | 31.5 | - | - | 42.5 | 35.4 |
To end of year Net Cash Flow |
2018 £m |
2019 £m |
2020 £m |
2021 £m |
2022 £m |
---|---|---|---|---|---|
Adjusted operating profit |
466.6 | 438.1 | 433.1 | 395.9 | 523 |
Adjusting items | (56.3) | (0.9) | (244.4) | 125.2 | 20 |
Operating profit | 410.3 | 437.2 | 188.7 | 521.1 | 543 |
Depreciation and amortisation | 130.5 | 115.8 | 330.8 | 276.7 | 313 |
Employee share scheme costs | 17.1 | 15.7 | 2.8 | 12.1 | 16 |
Decrease/(increase) in inventories | 37.2 | (59.3) | 27.4 | 20.9 | (22) |
Decrease/(increase) in receivables | 68.1 | (54.6) | (9.8) | (39.0) | (5) |
Increase (decrease) in payables and provisions | 27.6 | 54.9 | (84.0) | (7.2) | 81 |
Other cash items | 0.5 | 2.5 | 0.2 | (1.5) | - |
Other non-cash items |
11.2 | 3.7 | 168.8 | (106.5) | (17) |
Cash flow from operations | 702.5 | 515.9 | 624.9 | 676.6 | 909 |
Net interest | 5.6 | 6.3 | (18.8) | (27.2) | (30) |
Tax paid | (118.4) | (110.8) | (150.3) | (58.0) | (180) |
Net cash flow from operations2 | 589.7 | 411.4 | 455.8 | 591.4 | 699 |
Capital expenditure | (106.0) | (110.6) | (148.8) | (114.8) | (161) |
Proceeds from disposal of non-current assets | - | - | 3.0 | 27.2 | 8 |
Initial direct costs of right-of-use assets | - | - | (5.6) | (2.9) | (4) |
Payment of lease principal and other lease outflows | - | - | (238.1) | (152.2) | (202) |
Free cash flow | 483.7 | 300.8 | 66.3 | 348.7 | 340 |
Proceeds on disposal of Beauty operations and related licence | 149.8 | 0.6 | - | - | - |
Acquisitions | (3.0) | (25.6) | (2.7) | (4.3) | (10) |
Dividends | (169.4) | (171.1) | (175.2) | - | (219) |
Purchase of shares through share buy-back | (355.0) | (150.7) | (150.7) | - | (153) |
Proceeds from borrowings | - | - | 300 | 595.1 | - |
Repayment of borrowings | - | - | - | (599.8) | - |
Other | (8.7) | (10.5) | 3.8 | 2.1 | (4) |
Exchange difference | (14.5) | 1.7 | 8.5 | (13.2) | 7 |
Total movement in net cash | 148.9 | 82.9 | (54.8) | 50.0 | 328.6 | (39) |
---|
Net cash | 892 | 837 | 887 | 1,216 | 1,777 |
---|
1. Excludes the impact of adjusting items. Refer to note 2s for the Group’s policy on adjusting items.
2. Following the adoption of IFRS 16 in the year ending 28 March 2020, Net cash flow from operations excludes cash outflows for lease principal and other lease payments. Free cash flow is presented including these lease payments and hence free cash flow is on a comparable basis to prior years.
As end of year Balance Sheet |
2018 £m |
2019 £m |
2020 £m |
2021 £m |
2022 £m |
---|---|---|---|---|---|
Intangible assets | 180.1 | 221.0 | 247.0 | 237.0 | 240 |
Property, plant and equipment | 313.6 | 306.9 | 294.9 | 280.4 | 322 |
Right-of-use assets | - | - | 834.0 | 818.1 | 880 |
Inventories | 411.8 | 465.1 | 450.5 | 402.1 | 426 |
Trade and other receivables | 275.5 | 321.2 | 305.8 | 321.9 | 328 |
Trade and other payables | (629.0) | (702.2) | (549.8) | (492.3) | (572) |
Lease liabilities | - | - | (1,125.5) | (1,019.6) | (1,058) |
Taxation (including deferred taxation) | 85.1 | 97.5 | 213.9 | 148.1 | 221 |
Net cash |
892.1 | 837.3 | 887.3 | 1,215.9 | 1,177 |
Borrowings | - | - | (300.0) | (297.1) | (298) |
Other net assets | (103.8) | (86.8) | (39.3) | (54.8) | (49) |
Net assets | 1,425.4 | 1460.0 | 1,218.8 | 1,559.7 | 1,617 |
Reconciliation of adjusted Group ROIC as reported under IFRS 16 | 2019 £m |
2020 £m |
2021 £m |
2022 £m |
---|---|---|---|---|
Adjusted operating profit1 Adjusted profit effective tax rate1 |
433.1 22.3% |
395.9 25.4% |
523 22.2% |
|
Adjusted net operating profit after tax1 | 336.5 | 295.3 | 407 | |
Net assets | 1,460.0 | 1,218.8 | 1,559.7 | 1,617 |
Adjustments to net assets on adoption of IFRS 16 and IFRIC 23 | (61.9) | - | - | - |
Deduct net cash of overdrafts |
(837.3) | (887.3) | (1,215.9) | (1,177) |
Add back borrowings | - | 300.0 | 297.1 | 298 |
Add back lease debt | 1,045.0 | 1,125.5 | 1,019.6 | 1,058 |
Deduct tax assets | (97.5) | (213.9) | (148.1) | (221) |
Operating assets Add back net liabilities related to adjusting items: Deferred consideration Restructuring liabilities/other |
1,508.3 21.6 26.7 |
1,543.1 18.4 253.7 |
1,512.4 16.6 128.3 |
1,575 8 63 |
Adjusted operating assets Average adjusted operating assets |
1,556.6 - |
1,815.2 1,685.9 |
1,657.3 1,736.3 |
1,646 1,651 |
Adjusted Group ROIC | - | 20% | 17.0% | 24.6% |
1. Excludes the impact of adjusting items. Refer to note 2s for the Group’s policy on adjusting items.
Total revenue by channel
Retail/wholesale revenue by destination
Period ending £m |
2 April 2022 |
27 March 2021 |
Retail | 2,273 | 1,910 |
Wholesale | 512 | 396 |
Licensing | 41 | 38 |
Revenue by region1,2,3

1. All references to revenue growth on page 2 of the Annual Report are presented at Constant Exchange Rates (CER). See page 49 of the Annual Report for reconciliation to total revenue.
2. Retail/wholesale revenue.
3. For more detail on performance see Group Financial Highlights on pages 48 to 54 of the Annual Report.
Revenue by product1
Retail/wholesale revenue by product division
Period ending £m |
2 April 2022 |
27 March 2021 |
Accessories | 1,017 | 841 |
Women's | 784 | 653 |
Men's | 807 | 668 |
Children, Beauty & other | 177 | 144 |
1. Retail/wholesale revenue.