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Luxury brand Burberry posts pandemic growth bounce in October
StockMarketWire.com
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FTSE 100 firm Burberry saw sales return to growth in October, hinting that the British luxury brand was recovering from the impact of the Covid-19 pandemic.
Burberry reported revenue of £878 million for the six months to 26 September, down 31% on a year earlier but better than analysts had predicted, with comparable store sales falling by less than expected in the previous quarter. Adjusted operating profit fell 75% to £51 million.
Analysts had expected comparable sales to fall by around 12% in the second quarter, but Burberry said on Thursday that the drop was only 6% and that it had seen strong double-digit growth in key markets, including mainland China, Korea and the US during the half.
At 8:17am: (LON:BRBY) Burberry Group PLC share price was +70.5p at 1697.5p
Story provided by StockMarketWire.com
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