Burberry Group (LSE:BRBY) reported FY26 revenue of £2,420m for the 52 weeks to 28 March versus £2,461m a year earlier (flat at constant exchange rates), adjusted diluted earnings per share of 15.2p (FY25: -14.8p), a gross margin of 67.9% (up c.530bps CER) and an adjusted operating margin of 6.6% (up c.570bps).
Comparable store sales returned to growth, up 2% for FY26 and +5% in Q4 with Greater China and the Americas both up double digits in Q4, free cash flow was £141m (up 120% year‑on‑year) and net debt stood at £852m with net debt/adjusted EBITDA of 1.6x (down from 2.3x).
Adjusting items included a £45m restructuring charge related to the Burberry Forward programme and the Board elected not to declare an interim or final dividend for the year.
FY27 guidance set out that retail space will be broadly stable, wholesale is expected to grow by mid‑single digits in H1, annualised opex savings of £100m are expected by FY27 (with £80m delivered in FY26), an indicative c.£5m restructuring charge is expected in FY27, currency movements at 1 May spot rates imply about a £10m headwind to revenue and adjusted operating profit, capex is expected to be c.£120m and the adjusted effective tax rate is expected to be 27-30%.
"This financial year marks a meaningful inflection point for Burberry. We've returned to profitable comparable sales growth, with a strong fourth quarter driven by momentum in Greater China and Americas," Joshua Schulman, Chief Executive Officer.
Gerry Murphy will retire as Chair after the interim results in November 2026 and will be succeeded by William Jackson, who joins the Board on 1 July and will stand for election at the AGM on 15 July, and Burberry will issue its first quarter trading update on 17 July.
