Interim results for 26 weeks ended 27 September 2025

 “One year into Burberry Forward, my belief in this extraordinary British luxury house is stronger than ever. With the consistency of our Timeless British Luxury brand expression and an improved product offer, we have begun to see customers return to the brand they love, resulting in comparable store sales growth for the first time in two years. While it is still early days and there is more to do, we now have proof points that Burberry Forward is the right strategic path to restore brand relevance and value creation. We move forward with confidence that Burberry’s best chapters lie ahead.”

Joshua Schulman
Chief Executive Officer

H1 FY26 Financial Performance 

• Revenue £1,032m -3% CER, -5% reported rates
• Retail comparable sales flat with Q2 returning to growth (Q1 -1%, Q2 +2%)
• Adjusted operating profit £19m
• Restructuring charge £37m, resulting in reported operating loss £18m
• Gross margin 67.9%, +410bps CER; +450bps reported rates
• Adjusted net operating expenses -5% CER; -7% reported rates
• Free cash flow -£50m

Strategic Progress 

• Strengthened brand desirability through our Timeless British Luxury expression; accelerated cadence of distinctly British storytelling, creating universally recognisable stories and imagery
• Strong customer response to Autumn/Winter 25 collections; initial momentum in Outerwear and Scarves now extending to other categories
• Enhanced in-store experience with elevated product displays, cross-category merchandising, and new clienteling tools; launched over 100 scarf bars to date and remain on track to deliver 200 by year end
• Positive reception to the Summer 26 collection leading to increased demand from opinion-leading wholesale partners
• Attracting new customers while welcoming back existing customers to the brand, with sequential improvement in customer growth
• Cost efficiency programme on track to deliver £80 million in annualised savings by end of FY26.

FY26 Outlook

We are still in the early stages of our turnaround, and the macroeconomic environment remains uncertain. Our focus this year is to build on the early progress we have made in reigniting brand desire, as a key requisite to growing the topline. We expect to see the impact of our initiatives build as the year progresses. We will deliver continued margin improvement with a focus on simplification, productivity and cash flow. We remain confident that we are positioning the business for a return to sustainable, profitable growth.

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