康復中的「英國病人」：外媒解析Burberry最新業績年報
Burberry is always in the public eye but it"s under particular scrutiny at the moment given its much-publicised strategy change and also the fact that its CEO and creative heads are still new in their jobs.
博柏利一直處於公眾的視野中。但由於其備受關注的戰略轉換以及她的首席執行官和創意總監在工作中仍是新手，博柏利目前更是受到了特別的關注。
And that made the company"s preliminary annual results announcement on Wednesday even more of a headline grabber. So how did it fare in the year to March 31 and were there any nasty surprises in a generally positive update?
這使得博柏利在周三公布的初步年度業績報告更像是一個標題黨。那麼，在截至3月31日的一年中，她是如何表現的呢？在大體上樂觀的報道中，有什麼令人意外的驚喜嗎？
Not really. OK, the company still faces some challenges in certain markets, but it appears to be on the right path with most markets improving, and some of the slowdown it saw during the year being due to tough comparisons.
實際上，公司在某些市場方面仍面臨著一些挑戰，但大多數市場都在逐漸改善，她似乎正處於正確的發展道路。不過根據對比，在一年內我們發現一些放緩步調的地方。
深入細節
DOWN TO DETAIL
Following its more-luxury-focused strategy shift, Burberry said it has made 「good initial progress」 and is seeing 「positive early signs from our retail and wholesale customers.」 Its collections 「resonated with new customers and top-tier clients,」 and its 「retail excellence programme supported increased conversion in all regions.」
在轉變到更加聚焦奢侈品的戰略之後，博柏利表示，公司已取得了「良好的初步進展」，並看到了「來自零售和批發業務好轉的跡象」。 其系列產品「與新客戶和頂級客戶產生了共鳴」， 以及其「卓越零售計劃為所有地區客戶轉化率的增加提供了支持。」
In purely financial terms that translated into revenue down 1% at ￡2.733 billion on both a reported and currency-neutral basis, but the fact that it has licensed its beauty operations to Coty had an impact. Revenue with beauty wholesale factored-out was actually up 2%, reaching ￡2.66 billion.
單純從財務數據角度來看，在報告基礎上除去匯率變動因素，營業收入下降了1%至2,733億英鎊。但事實上，她已經將其美容業務授權給了科蒂，這使得美容批發業務的收入增長了2%至266億英鎊。
There was good news on profits too. Adjusted operating profit rose 2% reported, or 5% currency-neutral, to reach ￡467 million, and the adjusted operating profit margin was up to 17.1% from 16.6% a year ago. Reported operating profit rose 4% to hit ￡410 million.
利潤方面也有好消息。調整後的營業利潤在報告的基礎上增長了2%，除去匯率因素則是增長了5%至4.67億英鎊。調整後的營業利潤率從一年前的16.6%上升至17.1%。營業利潤增長4%，達到4.10億英鎊。
The company said retail comparable store sales rose 3%, much better than the 1% of a year earlier, despite it closing 20 stores. But with the closures weighted towards the end of the year, with seven of them in the final week, it"s hard to tell just how much of an impact this will make further down the line.
該公司表示，儘管關閉了20家門店，但零售店鋪銷售額同比增長3％，優於去年同期的1％。 但由於今年年底關閉店面的力度加大，最後一周有7家被關閉，很難說對今後的影響會有多大。
In digital, its direct-to-consumer operations continued to deliver good growth (with particular strength in Asia), and mobile transactions represented 40% of DtC revenue. Meanwhile its recent Farfetch link-up offered plenty of potential for future digital growth.
在數字化方面，直面消費者的營銷模式(DTC)繼續帶來良好的增長（在亞洲尤其突出），通過手機交易的收入佔DTC的40%。與此同時，最近與Farfetch的合作也為未來的數字增長提供了巨大的潛力。
In wholesale, excluding Beauty, revenue was up 2% on a reportedbasis but was flat currency-neutral, slightly better than expectations due to higher in-season orders. Wholesale growth in Asia Pacific was offset by a high-single-digit percentage decline in the US as it 「initiated actions to shift customer perception in the market,」 which in plain English means reining-in its distribution to department stores.
在批發方面（不包括美容業務），收入在報告的基礎上增長了2%。由於旺季訂單的增加，這個結果略好於預期。亞太地區的批發增長被美國的高個位數百分比的下降所抵消，因為她「開始改變客戶在市場上獲取產品的方式」，也就是說，產品將會分銷到百貨商店。
For the 2019 financial year, it said trading is in line with its guidance and it"s on track to deliver cumulative cost savings of ￡100 million.
在2019年的財政年度，該公司表示，交易符合其指導原則，並有望實現1億英鎊的累計成本節約。
So, plenty of positives to make CEO Marco Gobbetti feel comfortable, and also to underline how Christopher Bailey may have come in for some criticism during his time in the CEO』s role, but nobody is questioning the beneficial creative impact he had on the label』s product output. Of course, Burberry now has a new creative supremo with the arrival of Riccardo Tisci, although he would have had no impact on the operations covered in this latest results announ.
因此，讓首席執行官Marco Gobbetti感到舒服的許多積極因素，同時也強調Christopher Bailey在擔任CEO期間可能受到的一些批評。但沒有人質疑他對該品牌產品有益的創造性影響。當然，隨著Riccardo Tisci的到來，博柏利現在有了一個新的創意總監，儘管他不會對最近的結果所涵蓋的業務產生影響。
Gobbetti said of it all: "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.」
Gobbetti在談到這一切時說：「在轉型的一年裡，我們對自己的表現感到滿意，因為我們開始執行我們的戰略。雖然轉型博柏利的任務仍在我們面前，但我們為重振品牌而實施的第一步，顯示出有希望的早期跡象。」
區域績效
REGIONAL PERFORMANCE
While Burberry moved forward as far as retail comparable sales were concerned, the picture wasn"t universally upbeat. Asia-Pacific saw a mid-single-digit percentage rise as it capitalised on stronger tourist trends in the second half. This drove mainland China sales higher, although the high-single-digit increase of the first half slowed in the second due to tough comparisons with a very buoyant prior-year.
儘管博柏利在零售可比銷售額方面取得了進展，但這一前景並不普遍樂觀。亞太地區的遊客增長趨勢在下半年出現中等個位數的增長，儘管在前一年這一增長速度非常快，且內地的銷售增長在上半年的高個位數增長速度在第二季度有所放緩。這仍然推動了中國大陸銷售的增長。
Hong Kong improved through the year, delivering high-single-digit percentage growth in the second half, but Korea declined, although it too improved in H2.
香港在今年的表現有所改善，在下半年實現了高個位數的增長，但韓國的增長指數下降了，儘管它在H2方面也有所改善。
In EMEIA (Europe, the Middle East, and India), the business was "broadly stable」 year-on-year, although it declined in H2 as the post-Brexit vote mega-boost that UK sales enjoyed in the previous year skewed the figures. That meant the UK only delivered low-single-digit percentage growth, with a decline in the second, as expected.
在EMEIA（歐洲、中東和印度），該業務與去年同期相比「大體穩定」，儘管在H2方面也有衰減，在英國退歐公投後，英國的銷售額出現了大幅增長。這意味著，英國僅實現了低個位數的增長，而第二輪的增幅與預期一樣出現了衰減。
Continental Europe also declined marginally, with tourist spend softer in the second half, while the Middle East 「remained challenging, impacted by the macro-environment.」
下半年遊客支出有所放緩，而中東「仍面臨挑戰，受到宏觀環境的影響」。 因此歐洲大陸也略有下滑。
At least the Americas were better, which must have been encouraging given that the region has been problematic for a number of European luxury brands due to exchange rates issues and challenges in American department stores. Burberry saw low-single-digit percentage growth in the Americas but an improved performance in H2. And in the US specifically, better traffic trends plus increased conversion underpinned a return to growth during the last six months.
至少美洲的情況要好一些，這肯定是令人鼓舞的，考慮到匯率問題和美國百貨商店的挑戰，該地區對許多歐洲奢侈品牌來說都是有問題的。博柏利在美洲的增長率僅為低個位數，但在H2方面的表現有所改善。特別是在美國，更好的客流趨勢加上增加的轉化率支撐著過去6個月的經濟增長。
And on the product front globally, Burberry said that 「mainline store customers responded positively to seasonal updates and innovation.」 A more complete wardrobe offer and full look merchandising drove strength in tops, skirts and trousers in the second half, while innovation in core categories such as the car coat and tropical gabardine performed well. It also saw continued strength in small leathergoods and new handbag launches started from the current spring season.
在全球化的產品方面，博柏利表示，「主流商店的客戶對季節性產品更新和創新做出了積極的反應。在下半年更完整的服裝展示和全面的外觀設計在下半年推動了上衣、裙子和褲子的銷售，而機車外套等核心類別的創新設計方面也表現良好。該公司也表明，從今年春季開始，小型皮革製品和新手袋的推出將繼續加大力度。
聚焦未來
FUTURE FOCUS
It"s clear that much of what happened last year was designedto set Burberry up for a prosperous future as it launched itself into its revamp plan and started the evolution of its distribution including those strategic retail store closures. That high-profile collaboration with Farfetch also expanded its reach to over 150 countries and by successfully completing the transfer of its beauty ops to Coty, it put beauty in the hands of an acknowledged expert.
很明顯，去年發生的大部分事情都旨在為博柏利創造一個有前景的未來，因為它將自己納入其改造計劃，並開始對分銷體系的進行變革，包括戰略性零售店關閉。與Farfetch的高調合作也擴大了其在150多個國家的覆蓋範圍，並且通過成功地完成了將其美容業務轉讓給科蒂的承諾，她將美妝業務交給了權威專家。
Burberry also said that it made progress with its product evolution 「with tighter, more productive collections attracting new customers as well as current top-tier clients,」 and that it started the transformation of its leathergoods with 「a roadmap of launches to come.」
博柏利還表示，該公司在產品開發方面取得了進展，「更緊密、更高效的產品吸引了新客戶，也吸引了當前的頂級客戶」，並開始了其皮革產品的轉型，並給出了「即將推出產品的發展藍圖」。
It made progress on its retail excellence programme and the rollout of its new 「digital clienteling tool, supporting increased conversion.」 And its refreshed digital platforms, with more curated and editorialised content, are 「generating increased engagement.」The firm』s wholesale partners also been 「responding positively」 to its strategy, we』re told.
該公司在其卓越零售項目上取得了進展，並展示了新的「數字客戶端工具，支持增加轉化率」。並且她新的數字平台，擁有更多精心策劃和編輯的內容，正逐漸獲得「產生更多的參與度」。有消息表示，該公司的批發合作夥伴也對其戰略做出了積極的回應。
We await its next trading update - and its September runway show under Riccardo Tisci - with interest.
我們饒有興緻期待著它下一次的新信息——9月份在Riccardo Tisci帶領下的時裝秀。
本文來源於網路，英文原文作者：Sandra Halliday@fashionnetwork
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