Execution of plan on track with comparable sales +3 % and growth in profit and cash flow
In November 2017, we set out our multi-year plan to re-energise our product, our communication and the experiences customers have of our brand to deliver sustainable long-term value. We have made good initial progress, our plans are on track and we are seeing positive early signs from our retail and wholesale customers.
- Riccardo Tisci appointed as Chief Creative Officer from March 2018
- Strategic acquisition to create centre of excellence for luxury leather goods
- Collections resonated with new customers and top-tier clients
- Retail excellence programme supported increased conversion in all regions
- Started evolution of distribution including strategic retail store closures as planned
- Launched collaboration with Farfetch, expanded reach to over 150 countries
- Cumulative cost savings of GBP64m, ahead of plan; Burberry Business Services live
- Successfully completed transfer of Beauty to Coty strategic partnership as planned
FY 2019 outlook
- Trading in line with guidance
- On track to deliver cumulative cost savings of GBP100m
- New share buyback of GBP150m announced
“In a year of transition, we are pleased with our performance as we began to execute our strategy. While the task of transforming Burberry is still before us, the first steps we implemented to re-energise our brand are showing promising early signs. With Riccardo Tisci now on board and a strong leadership team in place, we are excited about the year ahead and remain fully focused on our strategy to deliver long-term sustainable value,” stated Marco Gobbetti, Chief Executive Officer.