Core Viewpoint - Burberry's proactive price reduction strategy has led to a significant recovery in its stock price, increasing over 70% since mid-April 2023, despite facing severe challenges in the luxury goods sector [2][6]. Financial Performance - For the fiscal year 2025, Burberry reported revenues of £2.461 billion, a 17% decrease year-on-year, with adjusted operating profit down 94% to £26 million [2][5]. - Comparable store sales fell by 12% for the fiscal year, with the Asia-Pacific market experiencing a 16% decline [3][5]. - The fourth quarter showed a narrowing decline in comparable store sales to 6%, better than the market expectation of 7.78% [5]. Strategic Changes - New CEO Joshua Schulman has implemented a strategic shift focusing on classic products and reducing prices, moving away from previous high-end strategies [6][7]. - The company plans to cut approximately 1,700 jobs, which is nearly 20% of its global workforce, aiming to save £60 million by fiscal year 2027 [6][8]. Market Dynamics - Japan was the only market to show growth for Burberry, with a slight increase of 1%, primarily driven by spending from Chinese tourists [4]. - The outlet channel has become increasingly important, with Burberry being referred to as the "Outlet Queen," as it has performed well despite challenges in high-end retail locations [8][10]. Inventory and Pricing Strategy - Burberry has faced significant inventory issues, leading to a 7% decrease in total inventory at constant exchange rates [11]. - The company's gross margin fell to 62.5%, down 470 basis points at constant exchange rates, primarily due to discounting actions to manage excess inventory [11].
Burberry又要靠奥特莱斯清货了
Sou Hu Cai Jing·2025-06-27 08:40