British luxury brand Burberry has seen its pre-tax profits fall to £383mn, from £634mn a year earlier, citing the slowdown in demand for luxury.
In its latest statement, for the 52 weeks ending 30 March 2024, the brand famed for its Nova check pattern also reported revenues dropping 4% to £2.9bn.
Looking ahead, Burberry stressed it will work to improve brand perception and “refocus its storytelling around Modern British Luxury”. It is targeting double-digit growth in elite customer numbers and spend this year.
“Executing our plan against a backdrop of slowing luxury demand has been challenging. While our FY24 financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements,” explained Jonathan Akeroyd, chief executive officer of Burberry.
“We are using what we have learned over the past year to fine tune our approach, while adapting to the external environment. We remain confident in our strategy to realise Burberry’s potential as the Modern British Luxury brand and in our ability to successfully navigate this period.”
An exclusive company snapshot in the recently published RetailX Global Luxury Report 2024 looks at Burberry’s innovative spirit.
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