Burberry Cancels Dividend as Sales Plunge 27 Percent
4 monthes ago - By Hypebeast
Burberry has canceled its full-year dividend payment to shareholders after its comparable sales sunk 27 percent in the fourth quarter due to the coronavirus pandemic. The luxury brand borrowed £300 million via the U.K. government-backed business support plan, and expects to save around £120 million by pulling its end-of-year payment to shareholders. The company, like other luxury brands, saw the impact of the pandemic in late January when sales in China began to shrink. As the coronavirus spread, it suffered significant losses in Europe and North America. By the end of March, 60 percent of...
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