The Burberry Group reported improved earnings for the year ended April 2, although coronavirus restrictions severely affected Q4 activity.
The British luxury goods company reported pre-tax profits of 11 511 million ($ 638.5 million) in 2022, up from 90 490 million a year ago.
Adjusted operating profit rose 32% to 5 523 million, compared with estimates for 22 522 million.
The adjusted gross margin increased by 60 basis points, reflecting a higher mix of sales and price increases.
At a fixed exchange rate, revenues increased by 23% compared to the year 2021 and 10% from the year 2020.
Burberry said lockdowns in China affected yields in March.
He rephrased estimates of revenue growth and margin over the medium term, but warned that the outlook depended on the impact of the coronavirus, and the pace of recovery in consumer spending in mainland China.
In addition, the group expects wholesale revenues to be unchanged in the first half of fiscal year 2023, with capital expenditures at -1 170-180 million.
The company announced a dividend of 47 pence against 42.5 pence a year ago, while it plans to buy treasury shares worth 400 million pounds in the current year.
Source: Capital
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