Burberry revealed that it made an adjusted operating profit of £396m
Burberry (LON:BRBY) announced on Thursday that it will payout a dividend that matches pre-pandemic levels as the fashion brand said it has made a strong recovery from the downturn.
Having cancelled its payout for 2020, Burberry will now offer shareholders a full-year dividend of 42.5p, equal to its payment in 2019, following the FTSE 100 company’s “strong cash generation”.
The fashion brand confirmed a 10% fall in sales for the year to March 27, as it felt the effects of store closures as well as fewer tourists.
While it also said its Q4 sales rose by 32% compared to the same period a year before, although around 16% remained closed on average.
Burberry revealed that it made an adjusted operating profit of £396m, surpassing analysts’ expectation by £18m, while it was short of the £433m made the year before.
Marco Gobbetti, chief executive of Burberry, commented on the company’s position and looked ahead to its future.
“In the last three years we have transformed our business and built a new Burberry, anchored firmly in luxury. We have revitalised our brand image, renewed our product offer and elevated our customer experience while making further progress on our ambitious social and environmental agenda.”
“In spite of COVID-19, we achieved our objectives for the period and delivered a strong set of results in FY21, ending the year with good full-price sales growth. In this next chapter, supported by these foundations and the strength of our teams, we will accelerate our growth and deliver value creation while continuing to build a more inclusive and sustainable future.”
The chief operating officer of Burberry said the company was happy with its performance in China after it was asked about any backlash to Western accusations of abuses in Xinjiang.
In March Burberry received backlash from China over disputes around human rights abuses of Uighur muslims in Xinjiang.
