Burberry hails ‘strong’ full-year results despite sales and profits fall
Burberry has recorded a decline in its full-year sales and profits, but boss Marco Gobbetti hailed the luxury retailer’s resilience as full-price sales drove momentum.
Burberry reported a 9% decline in adjusted operating profit to £396m in the year to March 27, while overall revenue declined 11% to £2.3bn year on year, down 9% on a like-for-like basis.
Although across the financial year revenue was down, the luxury retailer’s sales momentum recovered in its fourth quarter, with like-for-like sales up 32% year on year and down just 5% on 2019 levels despite 16% of its stores still being closed due to various global lockdowns.
The retailer’s full-price sales also surged 63% during the fourth quarter, driven by strong demand in mainland China, Korea and the US.
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