Burberry Annual Earnings Rise, Cuts Final Dividend; Backs Medium-term View

Burberry Group Plc (BRBY.L), a British luxury fashion company, on Wednesday posted a rise in earnings for the year ended in April, amidst a rise in revenues.

For the 12-month period, the London-headquartered firm reported a profit attributable to owners of the company of 396 million pounds or 97.7 pence per share, compared with 376 million pounds or 92.7 pence per share, reported for the year ended in March 2021.

Pre-tax profit was at 511 million pounds as against 490 million pounds a year ago.

Pre-tax adjusted earnings were also moved up to 492 million pounds, from 366 million pounds last year. Excluding items, earnings per share were 94 pence, versus 67.3 pence reported a year ago.

Operating profit for the year also moved up 4 percent to 543 million pounds from 521 million pounds of last year.

The company registered its revenues for the year at 2.826 billion pounds, 21 percent higher than 2.344 billion pounds a year ago.

Further, the company proposed a final dividend of 35.4 pence per share, against last year's 42.5 pence per share. The final dividend will be paid on August 5 to the shareholders of record on July 1.

Looking ahead, Burberry Group said: "We maintain our guidance of high single-digit revenue growth and meaningful margin accretion at CER in the medium-term. Our outlook is dependent on the impact of Covid-19 and rate of recovery in consumer spending in Mainland China. While the current macro-economic environment creates some near term uncertainty, we are actively managing the headwind from inflation."

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