Robyn Duffy, Consumer Markets Senior Analyst at RSM UK, comments on Burberry’s full-year results: “Burberry’s turnaround comes at a time when British culture appears to have regained global relevance across music, fashion and entertainment. Burberry’s renewed focus on its British identity, heritage and iconic core products leaves it well positioned to benefit from this growing interest in modern British style and culture.

“CEO Joshua Schulman’s “Burberry Forward” strategy is gaining traction, which is no small feat given the scale of the challenges the brand faced last year. FY25’s weak performance reflected not only softer global luxury demand, but also more fundamental questions around Burberry’s positioning and relevance as a brand.

“Against that backdrop, the momentum seen through FY26 is encouraging, with trading improving quarter-by-quarter, revenues stabilising and same store sales up by 2%. In the context of a luxury sector that has endured two difficult years globally, modest growth following last year’s sharp decline still marks a notable improvement in trajectory for Burberry and suggests the early stages of a recovery may now be emerging.

“The traction Burberry is regaining in Greater China, particularly in Q4 is encouraging. With China’s luxury recovery remaining uneven and complex, and consumer preferences shifting to a less logo-led style, Burberry has proved sensitive to this aesthetic and shifted accordingly.

“The major risk to watch in the year ahead is the fallout from the conflict in the Middle East. Not only will input costs come under pressure impacting gains made on margins this year, but a slowdown in global tourism, particularly in European markets could negatively impact the momentum Burberry has carefully cultivated.”

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