Burberry Group Projects FY Group Revenue To Decline By 10% - 11%

Burberry Group (BRBY.L), on Friday, issued trading update ahead of its financial year ending March 27, 2021. The company announced that it continued to see a strong rebound and now expects revenue and adjusted operating profit to be ahead of consensus expectations.

Comparable store retail sales growth for the fourth quarter are expected to be in the range of 28% - 32% higher than the same period of last year.

For the full year, the company projects group revenue to decline by 10% - 11% and the adjusted operating margin to be in the range of 15.5% - 16.5%.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Trade Commission or FTC, has sued Walmart for allowing its money transfer services to be used by fraudsters, who fleeced consumers out of hundreds of millions of dollars. The retail giant is alleged to have looked the other way to pocket millions in fees while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. Home improvement retailer Bed Bath & Beyond, Inc. (BBBY) reported on Wednesday a net loss for first quarter that sharply widened from last year, hurt by hefty transient costs related to inventory markdown reserves and port-related supply chain fees. Both adjusted loss per share and net sales missed analysts' expectations. Tesla Inc. laid off about 200 employees in its Autopilot unit as the luxury electric car maker closed down its office in San Mateo, California as part of cost cutting efforts, reports said. The San Mateo office, where employees worked on improving the driver assistance systems, marketed as Autopilot, had about 350 employees before the cut.
Follow RTT