Interim results for 26 weeks ended 26 September 2026

“Two years ago, we launched Burberry Forward. Today, our brand and our business are stronger. Five consecutive quarters of growth and improved quality of sales demonstrate that our strategy is working. In H1, we delivered growth across Womenswear, Menswear, Childrenswear and Accessories in an uncertain environment. Having laid the foundations for growth, I am more confident than ever that we will realise the full potential of this extraordinary British luxury brand.”

Joshua Schulman
Chief Executive Officer

H1 FY27 Highlights

• Continued progress of Burberry Forward, with comparable retail sales up 4% in both H1 and Q2, marks the fifth consecutive quarter of growth 
  • Womenswear, Menswear, Childrenswear and Accessories all grew in H1 
  • Double-digit Outerwear growth demonstrates year-round category authority 
  • Strength in Leathergoods in the first half, with an acceleration in Q2 
  • Improved store productivity, enhanced by category destinations 
  • E-Commerce up mid-teens 
• Wholesale revenue up 17%, ahead of guidance, reflecting the confidence of our strategic partners 
• Gross margin of 68.3%, up 40bps at CER 
• Net operating expenses flat at CER, supported by ongoing progress on cost efficiency, while we continued to invest in growth-driving initiatives, including marketing 
• Adjusted operating profit of £62 million, with adjusted operating profit margin of 5.7%, up 390bps at CER 
• Free cash flow on plan, with a normalised inventory profile ahead of our peak selling period and supply chain improvements achieving earlier deliveries 
• Balance sheet continues to strengthen year on year, supported by improved profitability; leverage ratio of 1.7x. 

FY27 Outlook

As we look ahead, we are very pleased with the ongoing progress of Burberry Forward. Our momentum gives us confidence that we will continue to drive performance and deliver sustainable long-term value. 

In FY27 we expect to make further progress on our financial ambitions, including delivering revenue growth and margin expansion. We remain mindful of the uncertain external environment. 

Capital Markets Day 2027

We will host a Capital Markets Day for investors and analysts in March in London. Further details to follow in due course. 

For the full announcement, click here