Burberry announces share buyback of £150m as profits edge up to £467m

Oscar Lopez
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Burberry's operating profit has edged up in the last year. (Source: Getty)

UK luxury retail brand Burberry reported their annual results this morning, with the company announcing a new share buyback of £150m.

Burberry also posted a two per cent increase in operating profits for 2018 to £467m, up from £459m the year before.

The company’s annual revenue was nearly flat, increasing just one per cent from 2017 as the iconic brand struggled amid a dwindling retail market.

Read more: Burberry bags Italian leather business as it eyes bigger margins

The results comes amid a major change in the company’s ownership, with Belgian billionaire Albert Frère announcing he would be selling his entire £520m stake in the company, or 6.6 per cent.

Other major moves for the company were the appointment of Riccardo Tisci as Chief Creative Officer from March 2018 and the acquisition of an Italian luxury leather goods business.

Read more: Burberry sales expected to be flat amid senior team changes

Marco Gobbetti, Burberry’s CEO said: "In a year of transition, we are pleased with our performance as we began to execute our strategy.

“While the task of transforming Burberry is still before us, the first steps we implemented to re-energise our brand are showing promising early signs.

“With Riccardo Tisci now on board and a strong leadership team in place, we are excited about the year ahead and remain fully focused on our strategy to deliver long-term sustainable value."

The company said it would be giving a presentation today at 9.30am to investors and analysts at Horseferry House, Horseferry Road, London.

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