Burberry's full year revenue and profit growth remains flat

Announcing preliminary results for the 52 weeks ended March 30, 2019, Burberry Group Plc said, revenue excluding beauty wholesale increased by 2 percent CER and 2 percent reported to 2,720 million pounds (3,492 million dollars). Total revenue of 2,720 million pounds was down 1 percent CER and flat reported. Comparable store sales for the year under review improved 2 percent, while wholesale sales excluding beauty rose 7 percent at CER. Adjusted operating profit of 438 million pounds (562 million dollars) was flat at CER, and down 6 percent reported. Gross margin was down 100bps.

"We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations. Riccardo Tisci's first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging. The implementation of our plan is on track, we are energised by the early results and we confirm our outlook for FY 2020," said Marco Gobbetti, Chief Executive Officer of Burberry in a statement.