Joshua Schulman
CEO & Executive Director

Good morning, everyone, and welcome to our preliminary results for the 2026 financial year. I'm Josh Schulman, Chief Executive Officer of Burberry. And with me is Kate Ferry, our Chief Financial Officer.

One year ago today, we were in an early phase of our Burberry Forward transformation, deeply focused on stabilizing the business. Today, I am pleased to report on our progress. This past year has marked a meaningful inflection for Burberry. I am very proud of what our team has accomplished this year. We have returned to positive comparable sales with sequential momentum throughout the year and particular strength in Greater China and the Americas, both of which delivered double-digit comp growth in Q4. We have reignited brand momentum with improved cultural relevance, attracting a new generation of Gen Z customers to the brand.

We have asserted our authority in outerwear and scarves, as reflected in the outperformance of these categories throughout the year. And as the year progressed, we saw that momentum extend into other categories.

And finally, we have improved the quality of our sales, delivering a significant increase in gross margin as well as operating profit while strengthening our balance sheet with a reduction in leverage. My conviction