Burberry 2017 revenue down 2% on underlying basis

22 May '17

1 min read

Burberry's revenue for fiscal 2017 was down 2 per cent year over year on an underlying basis at £2.8 billion, while it surged 10 per cent at a reported FX basis. In the same period, its adjusted profit before tax stood at £462 million year over year, down 21 per cent on an underlying basis, due to taking strategic actions to elevate the brand.

Cost savings of £20 million has been attained in fiscal 2017. The company plans to increase the savings to £50m in FY 2018 and to at least £100 million by FY 2019.

“2017 was a year of transition for Burberry in a fast changing luxury market. The actions we have taken to lay the foundations for future growth are yielding early benefits and I remain confident that these will build over time," said Christopher Bailey, chief creative and chief executive officer.

"Marco Gobbetti assumes the role of CEO from July. With his extensive experience in the sector, we will build on these foundations to elevate and strengthen the brand further and take Burberry to the next level as a global luxury retail and digital business. I am excited to work closely with him in this next chapter," Bailey added. (RR)

Fibre2Fashion News Desk – India

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