Burberry Meets Market Expectations for FY 2022 — Earnings Review

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By Jaime Llinares Taboada

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Burberry Group PLC today reported results for the year ended April 2. Here’s what you need to know:

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REVENUE: Burberry said that its revenue rose 21% to 2.83 billion pounds ($3.53 billion), against a backdrop of recovery from the Covid-19 pandemic. This was broadly in line with the market consensus of GBP2.82 billion provided by the company and based on 17 analysts’ estimates

OPERATING PROFIT: The operating profit on a reported basis was better than expected. It rose 4% to GBP543 million, compared with the market consensus of GBP526 million provided by Burberry.

WHAT WE WATCHED:

–ASIA: The UK luxury brand said that lockdowns in China weighed on performance in March. “With some Shanghai residents now in their sixth week of lockdown, spending in the luxury hub is inevitably muted,” Freetrade’s Gemma Boothroyd said in a note. Still, full-year comparable store sales rose 81% in South Korea and 50% in mainland China.
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–OUTLOOK: The company reiterated its revenue growth and margin guidance for the medium term, but warned that the outlook is dependent on the effect of Covid-19 and the rate of recovery in consumer spending in mainland China. In addition, the group expects wholesale revenue to be flat in the first half of fiscal 2023, with a full-year currency tailwind of GBP159 million on revenue and GBP92 million on adjusted operating profit.

–SHAREHOLDER DISTRIBUTIONS: Burberry declared a full-year dividend of 47.0 pence a share, up from 42.5 pence a year earlier, and proposed a share buyback program of GBP400 million to be completed in fiscal 2023.

Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT

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Credit: www.marketwatch.com /

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