Burberry recovery from Covid-19 accelerating, company says

British luxury brand Burberry said on Thursday its recovery from the Covid-19 crisis accelerated through the year, enabling it to reinstate a dividend payment.

The label, known for its trench coats, check fabric and TB monogram, reported a 10 per cent drop in sales for the year to March 27th, impacted by store closures and reduced tourism.

However, it said fourth quarter comparable store sales increased 32 per cent year-on-year, despite an average of 16 per cent of stores being closed.

It said full-price sales grew 63 per cent in the quarter driven by mainland China, Korea and the United States. At the end of its financial year Burberry faced calls for a consumer boycott in the important Chinese market over Xinjiang cotton.

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Burberry reported an adjusted operating profit of £396 million – ahead of analysts’ average forecast of £378 million but down 8 per cent from the £433 million made in 2019-20.

The full year dividend was reinstated at 2019 levels of 42.5 pence. – Reuters