Burberry FY26 results: good but maybe not good enough

研报英文原文证据摘录

Burberry FY26 results: good but maybe not good enough

C A Z E N O V E Europe Equity Research

14 May 2026

Burberry Underweight

BRBY.L, BRBY LN

FY26 results: good but maybe not good enough Price (13 May 26):1,163p

Price Target (Dec-27):950p

Our Take: Burberry just reported its Q4/FY26 results, with a 5% beat on FY26 European Luxury & Sporting Goods

ACEBIT thanks to stronger gross margin, +610bps in H2, reversing the one-off Chiara Battistini

provisions and discounting from the prior year as well as seeing better full price sell (39-02) 8895-2700

through. The Q4 LFL came in in line with company consensus and we think below chiara.x.battistini@jpmorgan.com

the buyside bar that was sitting at around +6%, based on our conversations with J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

investors. Within the mix, China and Americas were strong and better than

Wendy Liu

expected, +10% on still easy comps that start getting tougher from here, while (44-20) 3493-9733

EMEA remained under pressure (-2%), dragged by tourist spend but also we would wendy.liu@jpmorgan.com

think a local demand that has not yet caught up with the success seen in other J.P. Morgan Securities plc

regions. While the gross margin beat was very large, this was partly reinvested back Apurva Vishwaraj

into opex to support the brand comeback, partly limiting the beat and likely the apurva.vishwaraj@jpmchase.com

upgrades today (we anticipate around 3% upgrades ahead of the call). Burberry J.P. Morgan Securities plc

shares have outperformed the sector recently as investors have increasingly turned Victoria Saden

positive on the positive progress especially in China. While this has come through, (44-20) 3493-0435

victoria.saden@jpmorgan.com