Burberry Group plc (BRBY) Q4 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to our preliminary results for the 2026 financial year. I'm Josh Schulman, Chief Executive Officer of Burberry, and with me is Kate Ferry, our Chief Financial Officer. One year ago today, we were in an early phase of our Burberry Forward transformation, deeply focused on stabilizing the business. Today, I am pleased to report on our progress. This past year has marked a meaningful inflection for Burberry. I am very proud of what our team has accomplished this year. We have returned to positive comparable sales with sequential momentum throughout the year and particular strength in greater China and the Americas, both of which delivered double-digit comp growth in Q4. We have reignited brand momentum with improved cultural relevance, attracting a new generation of Gen Z customers to the brand. We have asserted our authority in outerwear and scarves as reflected in the outperformance of these categories throughout the year. And as the year progressed, we saw that momentum extend into other categories. And finally, we have improved the quality of our sales, delivering a significant increase in gross margin as well as operating profit, while strengthening our balance sheet with a reduction in leverage. My conviction that our Burberry Forward strategy is the right path to brand relevance and value creation is stronger than ever. I will now turn it over to Kate to take you through our financial results, and then I will update you on our strategy. Over to you, Kate. Thank you, Josh, and good morning, everyone. I'm really pleased to see the progress we've made with Burberry Forward reflected in our financial performance, particularly in a year where we've navigated macroeconomic uncertainty. Let me start by highlighting four key points fro...