Burberry’s annual results don’t impress

FTSE 100 fashion house Burberry (LON:BRBY) has seen its share price drop by 4.37% to 1,837.50p (as of 14:00 BST) after its adjusted operating profits for the year ended 30th March dropped by 6%. Revenues were flat at actual exchange rates and fell slightly at constant exchange rates.

Chief executive officer Marco Gobbetti commented: “We made excellent progress in the first year of our plan to transform Burberry, while at the same time delivering financial performance in line with expectations. Riccardo Tisci’s first collections arrived in stores at the end of February and the initial reaction from customers is very encouraging. The implementation of our plan is on track, we are energised by the early results and we confirm our outlook for FY 2020“.