Business
Burberry Preliminary Results 2020
Burberry Preliminary Results 2020.
About this update from Burberry Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6885N\n Burberry Group PLC\n 22 May 2020\n \n \n \n \n 22 May 2020\n \n \n Burberry Group plc\n \n \n Preliminary results for the 52 weeks ended 28 March 2020\n \n \n \n \n \n \n \n \n Strong progress against strategy, well prepared to navigate through COVID\n \n \n \n \n \n \n \"Prior to Covid-19, we were delivering strong momentum across our brand and product, with sales ahead of our expectations. Since then, the global health emergency has had a profound impact on the world, our industry and Burberry but I am very proud of the way we have responded. We have taken swift action to mitigate the financial impact on our business, while prioritising the safety and wellbeing of our teams and customers.\n \n \n \n \n \n We have a strong balance sheet and liquidity, with space for investment when markets recover. We have found new ways to strengthen our connection with consumers, drawing on our digital leadership. We have also mobilised our resources in support of the relief efforts. It will take time to heal but we are encouraged by our strong rebound in some parts of Asia and are well-prepared to navigate through this period. Now, more than ever, our strategy to secure our position in luxury fashion is key. I would like to thank our teams for their dedication and leadership during these challenging times.\" \n \n Marco Gobbetti, Chief Executive Officer \n \n \n \n \n \n In the current year, we have adopted new accounting standard IFRS 16, recognising operating leases as right of use assets and lease liabilities on the balance sheet the impact of which is set out on page 21. Throughout this review, to aid comparability, a pro forma FY 2020 (see detail on page 47) has been included to be comparable with FY 2019 results.\n \n \n \n \n \n \n \n \n \n Period ended\n \n \n \n \n 28 March \n \n \n 2020\n \n \n \n \n \n \n \n 30 March 2019\n \n \n \n \n % change\n \n \n reported FX\n \n \n \n \n 28 March\n \n \n 2020\n \n \n pro forma\n ...