Adjusted operating profit stood at £418 million, down 34 percent from £634 million a year earlier, and adjusted operating profit margin decreased by 640 basis points (bps) to 14.1 percent. hundred. On a CER basis, the adjusted operating profit margin decreased by 500 bps. Adjusted diluted earnings per share (EPS) fell to 73.9 pence from 122.5 pence, a 40 per cent decline at reported exchange rates and a 30 per cent decline at CER, the company said in a statement. press.
Burberry Group reported FY24 revenue of £2.96 billion, down 4 per cent year-on-year at reported exchange rates. Adjusted operating profit fell 34 per cent to £418 million. The company's comparable retail sales fell 1 percent, and the fourth quarter fell 12 percent. Sales in Asia Pacific rose 3 percent annually, but fell 17 percent in the fourth quarter. Sales in America fell 12 percent.
Reported operating profit fell 36 per cent to £418 million, and operating profit margin fell 710 basis points to 14.1 per cent. Reported diluted earnings per share also decreased to 73.9p from 126.3p, a fall of 41 per cent.
Comparable store sales by region showed varying results. Overall, comparable store sales decreased 1 percent for FY24, with a 12 percent decline in the fourth quarter (Q4). Sales in the Asia Pacific region rose 3 percent for the full year, but declined 17 percent in the fourth quarter. In the Europe, Middle East, India and Africa (EMEIA) region, sales increased 4 percent for FY24, with a decline of 3 percent in the fourth quarter. In America sales fell 12 percent for both the Whole year and P4.
Wholesale revenues decreased 5 percent based on CER and 7 percent based on reported rates, primarily due to pressure in the Americas. In contrast, licensing revenue grew 23 percent at both CER and declared exchange rates.
“Executing our plan in a context of slowing luxury demand has been a challenge. While our FY24 financial results were below our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution, while delivering operational improvements. “We are using what we have learned over the past year to sharpen our focus, while adapting to the external environment,” he said. Jonathan Akeroyd, CEO.
Fiber2Fashion News Desk (DP)
