Adjusted operating profit
(2024/25: £26m)
Operating profit/(loss)
(2024/25: £(3)m)
Adjusted diluted EPS
(2024/25: (14.8)p)
Diluted EPS
(2024/25: (20.9)p)
Cash (net of overdrafts)*
(2024/25: £708m)
* The Group also had borrowings at 28 March 2026 of £511m (29 March 2025: £738m)
This measures the appeal of the Burberry brand to customers through all of our sales channels.
Performance
FY 2025/26 total revenue growth was flat in the year at constant exchange rates.
Measured by
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.
Performance
FY 2025/26 comparable store sales growth was 2% in the year.
This measure tracks our ongoing operating profitability and reflects the combination of revenue growth and cost management.
Performance
Adjusted operating profit was £160 million in the year, an increase of 551% at constant exchange rates from the prior year.
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.
Performance
Adjusted operating margin was 6.6% in the year, an increase from 1.0% in the prior year.
Growth in adjusted diluted EPS reflects increase in profitability of the business, and movement in the tax rate.
Performance
Adjusted diluted EPS was 15.2p in the year, an increase of 202% from the prior year.
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.
Performance
Adjusted Group ROIC increased to 5.5% in the year, primarily due to the increase in net operating profit after tax.
* At constant exchange rates and adjusted for the 53rd week in FY 2021/22.
Details of alternative performance measures are show on pages 30 and 31 of the Annual Report 2025/26.
We have developed non-financial measures to assess our performance against Burberry Beyond targets, with progress regularly monitored by our Board. For further details on environmental and social sustainability activities and FY 2025/26 progress against our Burberry Beyond targets, see pages 36 to 94. 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 2025/26.
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 | 2022 | 2023 £m | 2024 £m | 2025 £m | 2026 £m |
Retail | 2,273 512 | 2,501 543 | 2,400 506 | 2,076 319 | 2,056 303 |
Retail/Wholesale | 2,785 41 | 3,044 50 | 2,906 62 | 2,395 66 | 2,359 61 |
Total revenue | 2,826 | 3,094 | 2,968 | 2,461 | 2,420 |
Profit by channel | £m | £m | £m | £m | £m |
Retail/Wholesale1 | 486 | 587 | 359 | (36) | 103 |
Licensing | 37 | 47 | 59 | 62 | 57 |
Adjusted operating profit1 | 523 | 634 | 418 | 26 | 160 |
Segmental analysis of adjusted profit1 | 2022 | 2023 | 2024 | 2025 | 2026 % |
Retail/Wholesale gross margin | 70.2 | 70.0 | 67.0 | 61.5 | 67.1 |
Retail/Wholesale operating expenses as a percentage of sales | 52.7 | 50.7 | 54.6 | 63.0 | 62.7 |
Retail/Wholesale adjusted operating margin | 17.5 | 19.3 | 12.4 | (1.5) | 4.4 |
Licensing operating margin | 90.2 | 91.9 | 94.0 | 93.8 | 93.2 |
Adjusted operating profit margin | 18.5 | 20.5 | 14.1 | 1.0 | 6.6 |
Summary profit analysis | £m | £m | £m | £m | £m |
Adjusted operating profit1 | 523 | 634 | 418 | 26 | 160 |
Net finance expense1 | (31) | (21) | (35) | (63) | (66) |
Adjusted profit/(loss) before taxation1 | 492 | 613 | 383 | (37) | 94 |
Adjusting items | 19 | 21 | - | (29) | (45) |
Profit/(loss) before taxation | 511 | 634 | 383 | (66) | 49 |
Taxation | (114) | (142) | (112) | (9) | (29) |
Non-controlling interest | (1) | (2) | (1) | - | 1 |
Attributable profit/(loss) | 396 | 490 | 270 | (75) | 21 |
Retail/Wholesale revenue by product division | £m | £m | £m | £m | £m |
Accessories | 1,017 | 1,125 | 1,055 | 841 | 837 |
Womenswear | 784 | 867 | 860 | 718 | 728 |
Menswear | 807 | 868 | 842 | 732 | 701 |
Childrenswear and other | 177 | 184 | 149 | 104 | 93 |
Retail/Wholesale revenue by destination | £m | £m | £m | £m | £m |
EMEIA2 | 813 | 1,004 | 1,017 | 842 | 821 |
| Greater China3,4 | 901 | 838 | 835 | 662 | 670 |
Americas | 696 | 743 | 603 | 510 | 505 |
Asia Pacific3,5 | 375 | 459 | 451 | 381 | 363 |
Financial KPIs | 2022 % | 2023 % | 2024 % | 2025 % | 2026% |
Total revenue growth6 | +23 | +5 | - | -15 | - |
Comparable store sales growth6 | +18 | +7 | -1 | -12 | +2 |
Adjusted operating profit growth1,6 | +38 | +8 | -25 | -88 | +551 |
Adjusted operating profit margin1 | 18.5 | 20.5 | 14.1 | 1.0 | 6.6 |
Adjusted diluted EPS growth1 | +40 | +30 | -40 | -120 | +202 |
Adjusted Group return on invested capital (ROIC)1 | 24.6 | 28.6 | 15.3 | 1.0 | 5.5 |
1. Excludes the impact of adjusting items. Refer to note 2q for the Group’s policy on adjusting items.
2. EMEIA comprises Europe, Middle East, India and Africa.
3. Commencing 30 March 2025, the former Asia Pacific region was restructured into two regions, Asia Pacific and Greater China. The revenue by destination for the comparative periods has been restated to reflect the new regional structure.
4. Greater China consists of Mainland China; Hong Kong S.A.R., China; Macau S.A.R., China; and Taiwan Area, China.
5. Asia Pacific consists of the rest of Asia; including Japan, South Korea, Southeast Asia, Australia and New Zealand.
6. Growth rate is year-on-year underlying change, i.e. at constant exchange rates.
To end of year | 2022 | 2023 pence per share | 2024 pence per share | 2025 pence per share | 2026 pence per share |
Adjusted earnings/(loss) per share - diluted1 | 94.0 | 122.5 | 73.9 | (14.8) | 15.2 |
Earnings/(loss) per share - diluted | 97.7 | 126.3 | 73.9 | (20.9) | 5.9 |
Diluted weighted average number of ordinary shares (millions) | 404.8 | 388.0 | 366.2 | 358.4 | 360.3 |
Dividend per share |
|
| |||
Interim | 11.6 | 16.5 | 18.3 | - | - |
Final | 35.4 | 44.5 | 42.7 | - | - |
To end of year | 2022 | 2023 £m | 2024 £m | 2025 £m | 2026 £m | |
Adjusted profit/(loss) before tax | 492 | 613 | 383 | (37) | 94 | |
Adjusting items | 19 | 21 | - | (29) | (45) | |
Profit/(loss) before tax | 511 | 634 | 383 | (66) | 49 | |
Depreciation and amortisation | 313 | 344 | 379 | 413 | 375 | |
Employee share scheme costs | 16 | 19 | 16 | 18 | 21 | |
Net finance expense | 32 | 23 | 35 | 63 | 66 | |
(Increase)/decrease in inventories | (22) | (10) | (57) | 80 | 19 | |
(Increase)/decrease in receivables | (5) | (17) | (32) | 36 | (15) | |
Increase/(decrease) in payables and provisions | 81 | (49) | (77) | (41) | 37 | |
Other non-cash items | (17) | (32) | 18 | 23 | 30 | |
Cash flow from operations | 909 | 912 | 665 | 526 | 582 | |
Net interest | (30) | (22) | (20) | (54) | (53) | |
Tax paid | (180) | (140) | (139) | (43) | (45) | |
Net cash flow from operations | 699 | 750 | 506 | 429 | 484 | |
Capital expenditure | (161) | (179) | (208) | (151) | (113) | |
Proceeds from disposal of non-current assets | 8 | 32 | - | 12 | - | |
Payment of lease principal and related cash flows | (206) | (210) | (235) | (225) | (230) | |
Free cash flow | 340 | 393 | 63 | 65 | 141 | |
Acquisitions | (10) | (6) | (19) | (2) | - | |
Dividends | (219) | (203) | (233) | (152) | - | |
Purchase of shares through share buy-back | (153) | (404) | (402) | - | - | |
Proceeds from borrowings | - | - | - | 439 | 75 | |
Repayment of borrowings | - | - | - | - | (300) | |
Other | (4) | 2 | 1 | - | (5) | |
Exchange difference | 7 | 2 | (9) | (4) | (5) |
Total movement in net cash | (39) | (216) | (599) | 346 | (94) |
Net cash | 1,177 | 961 | 362 | 708 | 614 |
1. Excludes the impact of adjusting items. Refer to note 2r for the Group’s policy on adjusting items.
At end of year | 2022 | 2023 £m | 2024 £m | 2025 £m | 2026 £m | |
Intangible assets | 240 | 248 | 267 | 229 | 214 | |
Property, plant and equipment | 322 | 376 | 406 | 398 | 355 | |
Right-of-use assets | 880 | 950 | 1,013 | 867 | 748 | |
Inventories | 426 | 447 | 507 | 424 | 401 | |
Trade and other receivables | 328 | 359 | 392 | 357 | 371 | |
Trade and other payables | (572) | (553) | (502) | (459) | (510) | |
Lease liabilities | (1,058) | (1,123) | (1,188) | (1,081) | (955) | |
Taxation (including deferred taxation) | 221 | 229 | 243 | 269 | 287 | |
Net cash | 1,177 | 961 | 362 | 708 | 614 | |
Borrowings | (298) | (298) | (299) | (738) | (511) | |
Other net assets | (49) | (57) | (47) | (53) | (68) | |
Net assets | 1,617 | 1,539 | 1,154 | 921 | 946 |
Reconciliation of adjusted Group ROIC | 2022 | 2023 £m | 2024 £m | 2025 £m | 2026 £m | |
Adjusted operating profit1 | 523 22.2% | 634 22.2% | 418 29.2% | 26 - | 160 42.5% | |
Adjusted net operating profit after tax1,2 | 407 | 493 | 296 | 20 | 92 | |
Net assets | 1,617 | 1,539 | 1,154 | 921 | 946 | |
Deduct cash net of overdrafts | (1,177) | (961) | (362) | (708) | (614) | |
Add back borrowings | 298 | 298 | 299 | 738 | 511 | |
Add back lease debt | 1,058 | 1,123 | 1,188 | 1,081 | 955 | |
Deduct net tax assets | (221) | (229) | (243) | (269) | (287) | |
Operating assets | 1,575
8 63 | 1,770
5 30 | 2,036
5 23 | 1,763
3 27 | 1,511
3 19 | |
Adjusted operating assets1 | 1,646 1,651 | 1,805 1,726 | 2,064 1,935 | 1,793 1,929 | 1,533 1,663 | |
Adjusted Group ROIC1 | 24.6% | 28.6% | 15.3% | 1.0% | 5.5% |
1. Excludes the impact of adjusting items. Refer to note 2r for the Group’s policy on adjusting items.
2. The Group’s adjusted effective tax rate for the 52 weeks to 29 March 2025 was -43%. For the purposes of the Group ROIC calculation, the UK effective tax rate of 25% was used.
Period ending | 28 March 2026 | 29 March 2025 |
Retail | 2,056 | 2,076 |
Wholesale | 303 | 319 |
Licensing | 61 | 66 |
| Total | 2,420 | 2,461 |
Number of stores: 122
Number of stores: 111
Number of stores: 98
Number of stores: 79
Retail/wholesale revenue by product division
Period ending | 28 March 2026 | 29 March 2025 | |
Accessories | 837 | 841 | |
Womenswear | 728 | 718 | |
Menswear | 701 | 732 | |
Childrenswear and other | 93 | 104 | |
Total | 2,359 | 2,395 | |
Licensing | 61 | 66 | |
| Total | 2,420 | 2,461 |
