logo
  

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
RELATED NEWS
Follow RTT