Burberry reported a decline in full-year sales and operating profits, but reinstated its full-year payout on the back of strong cash generation.
Nevertheless, the luxury fashion retailer also warned that its underlying operating margins in the year ahead would be impacted by the rebound in spending and increased investment as the cutbacks brought on by the pandemic were reversed.
For the 52 weeks ending on 27 March, its sales at constant exchange rates declined 10% a year before to reach £2.34bn, while operating profits shrank 8% to £396m.
In the last quarter of the financial year on the other hand, full-price sales jumped by 12%, led by mainland China, South Korea and the US.
And while sales for those same three months were off by 5% on a comparable basis, 16% of its stores remained shut during the period.
The full-year payout was reinstated at 42.5 per share.
As of 0927 BST, shares of Burberry were down by 7.89% to 1,938.0p, versus its January 2020 all-time highs of 2,329.0p.
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