Burberry Reaches Record Revenue In FY22
FEATURED IMAGE: BURBERRY
Burberry delivered a record revenue of a 23% increase versus FY21 in its first year of the growth and acceleration phase of their strategy — in which they leverage Burberry’s equity in order to deliver sustainable and high-quality growth.
The Americas led the full-price comparable store sales growth, advancing at almost 50% in the US compared with FY20. In South Korea, they increased 81% and in China, they rose over 50% despite COVID-19 related regional lockdowns and travel restrictions. Full-price outerwear grew 39% and leather goods were up by 28% — with a boost from the Frances tote, which is a new extension as a part of the Spring/Summer 2022 collection.
Regarding sustainability and the environment, Burberry released in their statement:
“We continued to take industry-leading steps to advance our decarbonisation agenda and are proud to have substantially met all targets we set as part of our 2017-2022 responsibility strategy We are now carbon neutral across our own operations globally; all the electricity we use is from renewable sources; and almost all our products have a positive attribute, meaning they carry a social or environmental benefit. This strong foundation underpins our ambition to become Climate Positive by 2040, not only by becoming net zero 10-years ahead of the 1.5-degree pathway set out in the Paris Agreement but also by further reducing emissions across our extended supply chain. At the same time, we set a new biodiversity strategy, focused on protecting and restoring nature, expanding support for farming communities and developing regenerative supply chains.”
It’s global diversity and inclusion strategy included initiatives that rolled out allyship training across the company, introducing a global bereavement policy, menopause support, and a policy that supports those experiencing domestic violence. The Bloomberg Gender-Equality Index recognized Burberry for a second year in a row as a best performer in the FTSE Women Leaders report.
Based on all the information, Burberry expects a revenue of about $166m on revenue and $96m on adjusted operating profit in FY23.