Burberry pulls dividend as luxury takes ‘time to heal’ GlobeBusiness
Empty streets outside of Burberry on 57th Street amid the coronavirus pandemic on April 05, 2020 in New York City.Britain’s Burberry said the luxury fashion industry would take time to recover from the profound impact of the coronavirus outbreak that lowered its comparable sales by 27% in the final quarter and led it to scrap its final dividend.
Shares in Burberry rose 2.6% at 0950 GMT as the sales fall was less than the 31% expected by analysts.Chief Executive Marco Gobbetti said Burberry had been making progress in repositioning its brand before the “profound impact” of the novel coronavirus. Burberry, in common with other high-end labels, saw the impact of the pandemic in late January when sales in China started to shrink.
Chief Financial Officer Julie Brown said Asia was recovering, with sales in mainland China and South Korea ahead of the prior year and showing an improving trend.
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