BRBY — Burberry Group plc
Sector: Consumer | Exchange: LSE | Updated: 2026-04-08
British luxury fashion house founded in 1856, known for iconic trench coats and tartan pattern. Executing Burberry Forward transformation under CEO Joshua Schulman.
Roadmap
Delivery: 0/17 (0%)
| Commitment | Date Said | Source | Follow-up | |
|---|---|---|---|---|
| ⏳ | Launch 200 scarf bars by end of year | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Increase investment in Lunar New Year product and marketing with complete product capsule and immersive campaign | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Expect capital expenditure of around £120 million for FY26 | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Celebrate 170th anniversary with series of campaigns and activations for iconic trench coat | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Deliver £80 million annualised savings by end of year from expanded restructuring programme | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Return wholesale to growth in second half of FY26 | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Maintain high single digit percentage of sales investment in brand marketing | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Deliver sustainable performance, growing top line while expanding profit margin and delivering strong free cash flow | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Deploy new AI-enabled tools to support client advisors and serve customers with data-informed approach | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Expand personalisation offer to knitwear and capes | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Strengthen assortment of leather goods and shoes with focus on subtle and overt branding | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Refresh heritage rainwear assortment with lighter tropical gabardine and trans-seasonal appeal | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Launch more category destinations including for trench coats and polo shirts | 2025-11-13 | H1 FY2026 Earnings Call | |
| ⏳ | Resume dividend payments once business performance supports it (suspended FY2025) | 2025-05-14 | FY2025 Preliminary Results | |
| 🔄 | Complete strategic review and restructuring of wholesale partner network | 2025-05-14 | FY2025 Preliminary Results | |
| 🔄 | Reposition Burberry as outerwear-led luxury brand — increase outerwear % of total sales as part of Burberry Forward | 2025-05-14 | FY2025 Preliminary Results | |
| 🔄 | Achieve £100M total annualised cost savings by FY2027 (£24M delivered in FY25, £60M incremental from restructuring) | 2025-05-14 | FY2025 Preliminary Results |
Management Quotes
“In Q2, we returned our retail business to comp sales growth for the first time in two years.”
— Joshua Schulman (Chief Executive Officer), H1 FY2026 Earnings Call (2025-11-13)
#growth
“We expect capital expenditure of around £120 million, slightly lower than initial guidance as we’ve been very intentional in our investment approach, focusing on the highest return on investment projects during this year of transformation.”
— Kate Ferry (Chief Financial Officer), H1 FY2026 Earnings Call (2025-11-13)
#guidance
“One year into Burberry Forward, my belief in this extraordinary British luxury house is stronger than ever. Since we met last November, we have moved from stabilising the business to returning to growth.”
— Joshua Schulman (Chief Executive Officer), H1 FY2026 Earnings Call (2025-11-13)
#strategy
“We are looking forward to celebrating our 170th anniversary next year, with a series of campaigns and activations to celebrate our iconic trench.”
— Joshua Schulman (Chief Executive Officer), H1 FY2026 Earnings Call (2025-11-13)
#strategy
“As we move into the second year of Burberry Forward, we are increasingly confident that we’re on the right path to build brand relevance and value creation.”
— Joshua Schulman (Chief Executive Officer), H1 FY2026 Earnings Call (2025-11-13)
#strategy
“We expect currency to be a headwind of around £50 million on revenue, and around £5 million on operating profit, all based on the 24th of October spot rates.”
— Kate Ferry (Chief Financial Officer), H1 FY2026 Earnings Call (2025-11-13)
#guidance
“Although it is still early days, and there is a lot more to do, as we approach our 170th anniversary, we are confident that Burberry Forward is the right strategy to build brand relevance and value creation.”
— Joshua Schulman (Chief Executive Officer), H1 FY2026 Earnings Call (2025-11-13)
#strategy
“Total revenue was £1.03 billion in the first half, with adjusted operating profit of £19 million.”
— Kate Ferry (Chief Financial Officer), H1 FY2026 Earnings Call (2025-11-13)
#growth
“As we look ahead, our ambition is to deliver sustainable performance, growing the top line, while expanding our profit margin and delivering strong free cash flow.”
— Joshua Schulman (Chief Executive Officer), H1 FY2026 Earnings Call (2025-11-13)
#guidance
“The product mix and strategy is capturing the attention of new customers and attracting existing customers to return with sequential improvement in customer growth over the course of H1.”
— Joshua Schulman (Chief Executive Officer), H1 FY2026 Earnings Call (2025-11-13)
#growth
“We are targeting £100 million of annualised cost savings by FY27, with £24 million already delivered in FY25.”
— Burberry Management, FY2025 Preliminary Results (2025-05-14)
#strategy
“Burberry Forward is about returning the brand to its core — outerwear, British heritage, and the things that made Burberry great.”
— Joshua Schulman (CEO), FY2025 Preliminary Results (2025-05-14)
#strategy
“Our second half performance, with comparable retail sales down 5%, gives us confidence that Burberry Forward is working.”
— Joshua Schulman (CEO), FY2025 Preliminary Results (2025-05-14)
#guidance
Analysis Notes
FY2025 Annual Report Analysis (2026-03-31)
Rating: ⭐⭐
Tags: strategy valuation
Financial Performance
Revenue fell 17% to £2.46B. Operating income negative (-£3M) vs £418M in FY2024. Net loss -£75M. Gross margin 62.5%. FCF held at £278M. Dividend suspended for FY2025.
Strategic Focus — Burberry Forward
New CEO Joshua Schulman launched ‘Burberry Forward’: 1) Elevate outerwear as primary brand identity 2) Reduce wholesale channel 3) £100M annualised cost savings by FY27 4) Streamline SKU count 5) Rebuild brand desirability. H2 comparable retail sales -5% vs H1 -20% — trajectory improving.
Management Tone
Cautiously optimistic
H1 FY2026 Earnings Call Analysis (2025-11-13)
Rating: ⭐⭐⭐
Tags: earnings strategy
Financial Performance
Burberry in early turnaround phase. First positive comp growth in two years in Q2. £19M adjusted operating profit. Gross margin recovery +410 bps from healthier inventory management (down 24%). Management expects wholesale to return to growth in H2. Currency remains £50M revenue headwind.
Management Tone
Cautious
Financials
Data available for: 2022, 2023, 2024, 2025 (GBP Billion)
- Annual Report FY2025 (PDF)
- FY2025 Preliminary Results Press Release
- FY2025 Earnings Call Transcript
- Investor Relations — Results & Reports