Excluding Mainland China, the group enjoyed a growth of 17 per cent, with standout performances in EMEIA (up 27 per cent) and Asia Pacific (up 19 per cent). The Americas, however, witnessed a decline of 7 per cent.

Burberry's leather goods comparable store sales were up by 12 per cent in FY23 and rose to 15 per cent in Q4 FY23. Likewise, outerwear comparable store sales increased by 7 per cent in FY23 and significantly accelerated to 30 per cent in Q4 FY23, the company said in its preliminary results for FY23, ended April 1, 2023.

In terms of profitability, Burberry's adjusted operating profit increased by 8 per cent at CER and 21 per cent on a reported basis, with margins at 19 per cent and 20.5 per cent respectively. The reported operating profit saw a robust growth of 21 per cent, with a margin of 21.2 per cent.

Looking ahead, Burberry provided an optimistic guidance for the coming year. The fashion brand expects a high single-digit revenue compound annual growth rate (CAGR) from the FY20 base, and around a 20 per cent adjusted operating profit margin at CER for FY24. Burberry is also forecasting sales of £4 billion at FY22 CER in the medium term.

Jonathan Akeroyd, chief executive officer, said: “I am very pleased with what we have achieved this year. We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China.

“Having appointed Daniel Lee as our new chief creative officer, we have refocused our brand aesthetic and brought his new creative vision to life with a campaign and runway show that have been very well received. At the same time, we have reorganised our supply chain, merchandising and digital teams under new leaders to drive our strategy forward. While the external environment remains uncertain, I am confident we can achieve our FY24 and medium-term targets as we focus on executing our plan to realise Burberry’s potential as the modern British luxury brand.”

Fibre2Fashion News Desk (DP)