In recent update, Burberry remains confident in its strategy to realize the potential of becoming the modern British luxury brand, with a steadfast commitment to achieving the £4 billion revenue ambition.
However, the ongoing slowdown in luxury demand is exerting an impact on current trading. In light of this, the company now anticipates that the adjusted operating profit for the fiscal year ending on March 30, 2024, will fall within the range of £410 million to £460 million, below the previously provided guidance.
Considering foreign exchange rates effective as of December 29, 2023, Burberry now expects a currency headwind of approximately £120 million to revenue and around £60 million to adjusted operating profit.
Gemma Parsons, Company Secretary, is the individual responsible for facilitating the release of this announcement on behalf of Burberry Group plc.
“We are continuing to deliver the transition to our new modern British luxury creative expression for Burberry which started appearing in our stores in early Autumn. We are still in the early stages of executing on this, which has become more challenging against the backdrop of slowing luxury demand. We experienced a further deceleration in our key December trading period and we now expect our full year results to be below our previous guidance. We remain confident in our strategy to realise Burberry’s potential and we are committed to achieving our £4 billion revenue ambition,” said Jonathan Akeroyd, Chief Executive Officer
