The UK luxury company Burberry (BRBY) reported preliminary fiscal figures in London today. According to the release, the 12 month revenue was 2,7 billion pounds, nearly at the same level as year before. The operating profit increased by 7 % to 438 million pounds.
– We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations. Riccardo Tisci’s first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging. The implementation of our plan is on track, we are energised by the early results and we confirm our outlook for fiscal 2020, the CEO Marco Gobbetti said in the release.
Burberry said that the company continued to focus on financial and operational discipline.
– We delivered cumulative cost savings of 105 million pounds, ahead of plan, which was largely reinvested into consumer facing activities to support the transformation. In addition, we expanded the scope of our restructuring programme to increase our target from 120 million to 135 million pounds by the end of fiscal 2022 as we develop Burberry Business Services, the company said.
Burberry also was rated to the leading luxury brand in the 2018 Dow Jones Sustainability Index. The factors behind were the circular thinking of clothes and minimising the unnecessary use of plastics in the supply chain.
The company is listed on the London Stock Exchange since 2002, when the company had its IPO. The share price declined after the report by 5,91 % to 1808 pounds.