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. 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. 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.

Source: The Irish Times May 13, 2021 06:54 UTC