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Burberry posted the only rise in the European luxury goods sector on Friday, after announcing a drop in sales slightly below market expectations in the fourth quarter of its fiscal year.
Most luxury goods, such as LVMH (-1.53%), Kering (-1.44%), Richemont (-3.60%) or Moncler (-2.60%), and to a lesser extent Hermès (-0.46%) paid the price on Friday morning of new tensions in Hong Kong, where China is trying to impose a national security law.
On the London Stock Exchange, the title Burberry thus posted a progression of 2,727% to 1,412.5 pence, despite the announcement of a fall of 27% of its sales in the fourth quarter, linked to the closure of about 60% of its stores as part of the fight against coronavirus.
In view of the uncertainties linked to the pandemic, the British group has canceled the payment of the last part of its 2020 dividend and will reexamine its policy on the matter for 2021 at a later date.
The group suffered substantial losses in March, when the pandemic spread to Europe and North America, resulting in the closure of all of its stores in these areas.
Managing Director Marco Gobbetti pointed out, however, that before the pandemic, Burberry was making good progress in its strategy to reposition the brand with sales growing faster than expected.
“It will take time to recover, but the strong recovery in parts of Asia is encouraging and we are well prepared to get through this period,” he added.
Burberry announced annual sales of 2.63 billion pounds (2.94 billion euros), down 3%, and pro-forma adjusted operating profit of 404 million pounds, down 8% at constant exchange rates, for the year ending March 28.
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Burberry posted the only rise in the European luxury goods sector on Friday, after announcing a drop in sales slightly below market expectations in the fourth quarter of its fiscal year.
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Burberry posted the only rise in the European luxury goods sector on Friday, after announcing a drop in sales slightly below market expectations in the fourth quarter of its fiscal year.
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