Retail sales represented 77% of revenue in the year (of which 90% carried out in the Asia Pacific region), and increased +3% underlying (+1% comparable sales), while wholesale declined -14% underlying, and licensing also declined, -48% underlying. According to Burberry’s report adjusted profit before tax was up £42 million (US$54.72 million) in the year to £462 million (US$602 million) in line with guidance, “in part due to taking strategic actions to elevate the brand”. Reported profit before tax was £395 million (US$475.6 million) against £416 million (US$542 million) in 2016.

“2017 was a year of transition for Burberry in a fast-changing luxury market. The actions we have taken to lay the foundations for future growth are yielding early benefits and I remain confident that these will build over time”, said Christopher Bailey, Chief Creative and Chief Executive Officer, Burberry, whose role as CEO is to be taken over by Marco Gobbetti from July 2017.

Shares of Burberry slipped 0.42% at the announcement of results.