Britain fashion house Burberry reported its comparable sales dropped 27 percent in the final quarter of the year ended March 28, with about 60 percent of its retail stores closed, while it expects it could take some time for the luxury industry to recover from the pandemic. Revenue for the year ended March 28 slid 3 percent from a year ago to 2.63 billion pounds (HK$24.85 billion) and the pro-forma adjusted operating profit dropped by 8 percent to 404 million pounds at constant exchange rates. The company did not declare any final dividend "given current uncertainty", and said it would review future dividend payments at the end of the next financial year. Burberry said sales in mainland China and Korea have already been ahead of the prior year and continued to show an improving trend so far this year, while footfall in the Hong Kong market remained materially weaker since February.
Source: The Standard May 22, 2020 09:45 UTC