Burberry reported a decline in full-year sales and operating profits, but took the decision to reinstate its dividend on the back of strong cash generation.
Sales at constant exchange rates declined 10% from their year earlier level to reach £2.34bn, while the luxury fashion retailer’s operating profits shrank 8% to £396m.
Nevertheless, full-price sales jumped by 12% in the last quarter of its financial year, led by mainland China, South Korea and the US.
Furthermore, 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.
— More to follow —
