Burberry FY26 Results Test Schulman’s Turnaround
Burberry released its full-year FY26 results on Thursday 14 May 2026, with investors and luxury sector analysts examining the figures for signs that chief executive Joshua Schulman‘s turnaround is beginning to bear fruit following a protracted period of declining sales.
Consensus forecasts
Going into the announcement, analyst consensus pointed to revenue of approximately £2.43 billion for the year — representing a modest decline of roughly 1% compared with FY25 — alongside operating profit of £96 million, pre-tax profit of £86.6 million and earnings per share of 20.14 pence. Those figures, if confirmed, would represent a notable stabilisation after the more acute deterioration witnessed over the preceding two financial years.
Burberry Forward strategy
The principal focus centres on progress under the Burberry Forward programme. Management has been repositioning Burberry around its heritage strengths — outerwear (the iconic trench coat), scarves, and classic luxury goods — following years of more experimental design directions that failed to resonate. The strategy seeks to restore positioning around ‘Timeless British Luxury’.
1,700 redundancies and £80m savings
Burberry has implemented up to 1,700 redundancies as part of an organisational restructuring, with the company targeting approximately £80 million in annualised savings by FY26. Thursday’s release was expected to provide an update on progress against those targets.
Luxury sector backdrop
The macro backdrop for global luxury is less favourable than at any point since the early 2020s. Chinese consumer demand remains subdued; European tourism from East Asia has not returned to pre-2020 levels; and the Iran war has tightened the screws on disposable income through higher energy bills. Despite a rebound of over 20% from the March low, Burberry was still trading roughly 6% down year-to-date going into the results.
