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Burberry profits slump by 40% as demand for luxury goods slows

British fashion retailer hit by drop in sales in Asia and Americas, and expects challenging first half of 2025

The high-end UK fashion retailer posted a pre-tax profit of £383m for the year up to 30 March in its preliminary results on Wednesday, a 40% drop on the £634m in the previous 12 months. In March the luxury fashion group Kering issued a profit warning after reporting that demand for its leading brand, Gucci, had dried up in China. “While our full-year financial results underperformed our original expectations, we have made good progress refocusing our brand image, evolving our product and strengthening distribution while delivering operational improvements.

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