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LONDON, May 13 (Reuters) - 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% drop in sales for the year to March 27,
impacted by store closures and reduced tourism.
However, it said fourth quarter comparable store sales
increased 32% year-on-year, despite an average of 16% of stores
being closed.
It said full-price sales grew 63% 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.
Burberry reported an adjusted operating profit of 396
million pounds ($556 million) - ahead of analysts' average
forecast of 378 million pounds but down 8% from the 433 million
pounds made in 2019-20.
The full year dividend was reinstated at 2019 levels of 42.5
pence.
($1 = 0.7118 pounds)
(Reporting by James Davey; editing by Michael Holden)
Burberry (BRBY)
