Home Business News Burberry sales and profits dampened by virus

Burberry sales and profits dampened by virus

by LLB Editor
22nd May 20 1:34 pm

Luxury fashion chain Burberry has also highlighted the slump in retail, reporting that sales fell by over a quarter as the Covid-19 pandemic began.

Like-for-like sales slumped by 27% in January-March, Burberry reports, due to around 60% of its retail outlets being closed by the end of March. This compares to +4% for the first 9 months of the year, the chain says.

Earnings also took a significant hit, with operating profits dropping to just £189m, from £437m.

Burberry explains: “Reported operating profit declined 57%, predominantly due to the impact of adjusting items relating to the COVID-19 pandemic.”

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