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Full-year results show 3% fall for Burberry

Luxury brand Burberry has reported revenues of just over £2.6 billion for the 12 months to March 28, 2020. This figure represents a fall of 3% compared to the company’s previous full-year results.

On releasing the results, chief executive, Marco Gobbetti, said Burberry had “strong momentum” and sales that were ahead of expectations until the covid-19 pandemic hit. Sales for the first nine months of the year showed growth of 4%. However, the corresponding figure for the fourth quarter was a fall of 27%. By the end of March, 60% of Burberry’s retail stores around the world were closed. 

“The global health emergency has had a profound impact on the world, our industry and Burberry,” the chief executive said, “but I am very proud of the way we have responded. We have taken swift action to mitigate the financial impact on our business, while prioritising the safety and wellbeing of our teams and customers.”

Mr Gobbetti said Burberry is well prepared for the task of navigating its way through this period. He said that the company had already taken some encouragement from “our strong rebound in some parts of Asia”.





Smit & Zoon Jan20

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