Burberry has reported a 6% decline in adjusted operating profits to £438m for year to 30 March.
Operating profits rose by 7% to £437m during the same period, compared with 2018, while pre-tax profit increased by 7% to £441m.
Meanwhile, the luxury brand reported a 2% rise in revenue, excluding beauty wholesale, to £2.7bn in the year to March.
Overall group revenue stayed flat at £2.7bn.
Looking ahead, Burberry has confirmed guidance for broadly stable revenue and adjusted operating margin for 2020.
The group has predicted a “more pronounced weighting” of operating profit.
It is also increasing cumulative cost-saving guidance to £135m in the financial year 2022.
Marco Gobbetti, Burberry chief executive officer, said: “We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations. Riccardo Tisci’s first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging. The implementation of our plan is on track, we are energised by the early results and we confirm our outlook for full-year 2020.”