Burberry FY26 Results Test Schulman’s Turnaround
Burberry published its full-year FY26 results on Thursday 14 May 2026, with investors and luxury sector analysts scrutinising the figures for evidence that chief executive Joshua Schulman‘s turnaround is starting to deliver after a prolonged period of declining sales.
Consensus expectations
Heading into the print, the analyst consensus was for revenue of around £2.43 billion for the year — a slight dip of approximately 1% versus FY25 — with operating profit of £96 million, pre-tax profit of £86.6 million and earnings per share of 20.14 pence. Those numbers, if confirmed, would mark a clear stabilisation from the sharper deterioration seen in the previous two financial years.
Burberry Forward strategy
The central focus is progress under the Burberry Forward programme. Management has been repositioning Burberry around its heritage strengths — outerwear (the iconic trench coat), scarves, and classic luxury products — after years of more experimental design directions that failed to resonate. The strategy aims to restore positioning around “Timeless British Luxury”.
1,700 job cuts and £80m savings
Burberry has implemented up to 1,700 job cuts as part of an organisational restructuring, with the company targeting around £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 hospitable than at any point since the early 2020s. Chinese consumer demand remains weak; 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 around 6% down year-to-date heading into the results.
