LONDON – Burberry ended its 2026 fiscal year on a high, restoring retail sales to growth and naming a new chair, William Jackson, founder and former CEO of Bridgepoint Group Plc, to replace Gerry Murphy when he retires later this year.
In fiscal 2026, which ended on March 28, retail comparable store sales grew 2 percent compared with a decline of 12 percent last year.
All regions, with the exception of EMEIA, Europe, the Middle East, India and Africa, generated that growth throughout the year, with Greater China and the Americas both up 10 percent in the fourth quarter.
Revenue in the 12 months was flat at constant exchange rates, and declined 2 percent to 2.42 billion pounds at reported rates.
Operating profit increased to 115 million pounds from a loss of 3 million pounds due to an ongoing savings drive, and continued investments in marketing and “growth-driving” initiatives, the company said. Profit for the year was 21 million pounds, compared with a loss of 75 million pounds last year.
“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,” said Burberry’s CEO Joshua Schulman.
“Our strategy is working, and there are clear opportunities for further growth. As we look ahead, while mindful of the uncertain macro- economic environment, our focus is on disciplined execution of Burberry Forward. With increased brand relevance and product authority, I am more confident than ever that Burberry is firmly positioned for long-term value creation,” he added.
The company said that in fiscal 2027 it will continue to “make further progress on our financial ambitions, including delivering revenue growth and margin expansion.” The company added it was mindful of the uncertain geopolitical and macro-economic environment and its potential impact on consumer confidence.
Capital expenditure in the new year will be 120 million pounds, while annualized cost savings will hit 100 million pounds, the bulk of which was delivered in fiscal 2026. Wholesale is set to grow by a mid-single digit percentage in the first half.
The company confirmed that its current chair Murphy, who joined the board in May 2018, has decided to retire in November. Jackson will join Burberry as a non-executive director on July 1 and will stand for election at the AGM on July 15. He will take over Murphy’s role in November.
Jackson’s company, Bridgepoint Group Plc, listed on the London Stock Exchange in 2021 and has interests in consumer-facing businesses, including Pret a Manger and MotoGP. He chaired both of those brands throughout their growth years while building the wider Bridgepoint portfolio.
Jackson said “Burberry has strong foundations, a clear strategic direction, and a talented executive team led by Josh Schulman. I look forward to working closely with Josh and the board to build on this momentum and realize Burberry’s full potential.”
Murphy said: “It has been a privilege to serve as chair of this extraordinary 170-year-old brand since 2018. I would like to thank board members past and present for their unwavering commitment and continued support. I am very confident that, under William’s and Josh’s leadership, this unique and special business is well positioned for the future.”
