1) Strategy & Leadership
- Burberry has made significant progress in its Burberry Forward transformation, returning to positive comparable sales growth with a 5% increase in Q4.
- Strong performance was noted in Greater China and the Americas, both achieving double-digit comp growth in Q4.
- The brand has successfully attracted a new generation of Gen Z customers, enhancing its cultural relevance.
- The company is focused on delivering sustainable, profitable growth while maintaining discipline in operations and inventory management.
- Burberry's 170th anniversary is being leveraged for brand storytelling and customer engagement through various campaigns.

2) Financial & Segment Results
- Total revenue for FY '26 was stable at constant exchange rates but declined 2% on a reported basis.
- Retail revenue grew 1% with a 2% comparable sales growth for the year, while wholesale revenue decreased by 4%.
- Adjusted operating profit improved significantly to GBP 160 million from GBP 26 million the previous year, with a gross margin increase of 530 basis points to 67.9%.
- Free cash flow improved to GBP 141 million from GBP 65 million, and net debt to adjusted EBITDA decreased to 1.6x from 2.3x YoY.
- The Americas and Greater China were key growth drivers, with Q4 comp growth of 10% in both regions.

3) Problems / Headwinds
- The company faced challenges with tourism in EMEA, which remained flat for the year and declined 2% in Q4.
- Licensing revenue declined by 9% due to destocking and longer lead times for licensees to align with the Burberry Forward strategy.
- The geopolitical and macroeconomic environment remains uncertain, potentially impacting consumer confidence moving forward.

4) Operational or Product Plans
- Burberry plans to continue investing in marketing, targeting a high single-digit percentage of sales, while also focusing on improving product offerings and store productivity.
- The company is enhancing its clienteling initiatives to better engage new customers and improve retention.
- Plans for FY '27 include stable retail space, mid-single-digit growth in wholesale revenue, and a capital expenditure of approximately GBP 120 million.
- The brand is expanding its product categories, particularly in cashmere and outerwear, and will introduce new category destinations in stores.

5) Guidance & Outlook / Investor Angle
- For FY '27, Burberry expects continued revenue growth and margin expansion, despite potential currency headwinds of GBP 10 million.
- The effective tax rate is projected to be between 27% and 30%.
- The company aims to reinstate dividends in the future, emphasizing the importance of maintaining firepower for investments in the Burberry Forward strategy.

Bottom line: Burberry is on a positive trajectory with improved sales, enhanced brand relevance, and a strong focus on sustainable growth. The strategic initiatives are yielding results, particularly in key markets, positioning the company well for future profitability and shareholder value creation.