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Burberry profits rise, China reopening boosts sales


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Burberry, a luxury clothing brand from the United Kingdom, on Thursday reported a rise in annual profits, with income increasing at the end of its fiscal year as a result of China’s opening following pandemic lockdowns.

In the 12 months ending in March, net profit increased by roughly a quarter to £490 million ($609 million), according to a statement from Burberry.

Compared to 2021–2022, revenue increased by 10% to £3.1 billion.

In the statement, Burberry CEO Jonathan Akeroyd said, “We have delivered a strong financial result, driven by good success in our core leather goods and outerwear categories, with revenue rising in the fourth quarter as growth resumed in mainland China.

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Despite the increase in profits, Burberry shares fell by almost 7% in London trading as investors banked substantial previous gains.

According to Richard Hunter, head of markets at Interactive Investor, “By way of context, this follows a share price hike of 59 percent over the last year, as compared to a gain of 3.8 percent for the wider FTSE 100” index in London.

Additionally, the group’s creative director, British designer Daniel Lee, took over for Italian designer Riccardo Tisci last year.

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